India, March 7 -- Borivali police on Thursday arrested a man for allegedly cheating a businessman of Rs.1.48 crore on the pretext of offering high returns on an investment in the purchase of a passenger boat meant for a Gulf-based company.

The accused, identified as Sanjay Subhash Naik, had been on the run since a case was registered against him last month. He is currently in police custody and is being interrogated.

The complainant, Tariq Laik Pathan, runs a shipping business and lives in Borivali. Naik, a resident of Juwarinagar in Siddharth Colony, South Goa, met Pathan in October 2025.

Naik had allegedly told Pathan that he was procuring a passenger boat for the Abu Dhabi National Oil Company in the UAE and convinced him to invest ...