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Film producer/director Vipul Shah and his business partner have filed a case against three people for allegedly cheating them of Rs 5 crore by luring them into investing in iridium business. The case has been registered in Maharashtra’s Nagpur district. The Nagpur Police’s Economic Offences Wing has arrested one person in the case, an official said on Friday.
In the past, similar scams related to the ‘iridium mining business’ have been reported. According to the complaint filed by Vipul Shah, the accused had approached him and his partner in 2010, promising to invest Rs 100 crore in film production.
The accused told Mr Shah and his partner that they were in the lucrative business of collecting antiques and British-era coins which contain iridium, a rare metal. The accused had told Shah and his partner that Iridium is in great demand for its “supernatural powers” and that even the defence forces need it. They allegedly offered Mr Shah and Mr Singh an opportunity to invest in this business.
Mr Shah said in his complaint that he and his partner travelled all across the country with the accused, spending their own money and even transferring some money to the accused, in connection with the ‘business’ before they realized that they were being taken for a ride.
They had spent around Rs. 5 crores during these travels, Mr Shah told the police.
After Mr Shah lodged a complaint at Ambazari police station (as he had met the accused for the first time in Nagpur), the EOW arrested one Raj Singh under the relevant sections of the Indian Penal Code.
Vipul Shah is the producer of many Bollywood films including Singh Is Kinng, the Commando series and Force.
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