Goa, Aug. 22 -- A businessman from Ponda was allegedly cheated of Rs.26.5 lakh by five people who promised to arrange Rs.10 crore in business finance, police said.

According to the complaint, the accused collected money from the businessman towards verification and loan processing charges and also obtained signed blank cheques and other documents. However, the promised loan was allegedly never disbursed.

When the complainant sought a refund of the money, the accused allegedly threatened him with consequences affecting his business and reputation.

Ponda Police have registered a case against the five accused. Further investigation into the alleged financial fraud is underway.

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