A man has been booked by the Nhava Sheva police last week for allegedly duping two people of ₹25 lakh.

The complainant, Nitin Ghadge (48), a tax consultant from Virar, was told by one of his clients that one Madhukar Kadu said that the government would be banning ₹2,000 currency note and he was looking to exchange notes of ₹2,000 worth ₹70 crore with ₹500 denomination. The accused promised a commission of 15% for the exchange.

Mr. Ghadge shared this with his friend Haresh Koli, who gave him ₹5 lakh in the denomination of ₹500. On November 27 last year, Mr. Ghadge along with his client went to the residence of Mr. Kadu at Belapada in Panvel where Mr. Ghadge gave ₹5 lakh and his client gave ₹1.20 lakh.

“Mr. Kadu told the duo that he would get the exchange notes from the godown and left home. He came back after three hours and paid exchange notes of ₹2,000 denomination to the client. But to Mr. Ghadge, he only gave the exchange notes of ₹2.50 lakh and returned ₹2.50 lakh in ₹500 denomination, citing some problems. He also gave them a commission of 6%. Next day, Mr. Ghadge went with ₹7 lakh in ₹500 notes, which he exchanged for ₹7.49 lakh in ₹2,000 denomination, with a commission of 7%. Mr. Kadu told Mr. Ghadge that he would pay 15% commission if he bought ₹25 lakh in ₹500 denomination,” a police officer from Nhava Sheva police station said.

On November 30, Mr. Ghadge withdrew ₹12 lakh from his fixed deposit while his friend Mr. Koli got ₹13 lakh, and gave the money to Mr. Kadu. “As the complainant had received the commission earlier, he believed that he would continue getting it. When they gave him ₹25 lakh, Mr. Kadu told them that his uncle had died and he had to go for the rituals and that his partner would pay the money, and asked them to come the next day,” the officer said.

The next day, the duo were told that his partner had gone missing since previous night and hence they would have to wait till he returned. On December 3, he told the duo that his partner belonged to D gang and he was murdered, hence he could not give the money. “He also told them that he would provide 25% commission if they got ₹5 crore in 500 denomination. When they denied to give him any more money, he threatened that if they contacted him again for the exchange money he would tell the police that they had murdered his partner,” the officer said.

A search is on for the accused. “We are investigating the matter and are yet to make any arrests. In cheating cases, before the arrest is made, a thorough investigation is done,” police inspector Dattatrey Kindre, Nhav Sheva police station, said.