Thane: A man allegedly deceived Rs 72 lakh by a gang that lured him to invest in a testing device in Bhiwandi from the Thane Maharashtra District, police said on Tuesday.
Based on complaints, the police on Tuesday arrested one Nurulhuda Khan (37), while a hunt was launched for six accused of more, who deceived the victim for six years, said an official.
A violation below Section 420 (cheating) and the relevant provisions of the IPC have been registered at the Shanti Nagar police station under the Bhiwandi Division, he said.
According to the police, the defendant lied the victim to invest in the testing device, which they said could be sold to US-based authorities for Crores.
Gang collected Rs 72 lakh from victims in various forms between 2016 and 2021, the official said.
Fraud “towing-rice” is common in the country’s rural part.
The gang that does such a fraud tries to convince people to invest in machines that test copper-iridium, alloys they claims are very valuable for their magnetic power, and go show this quality by “attracting rice”, usually tricks that involve mixing grains with particles iron.