Mr Kamboj claimed a "fabricated FIR" was registered against him.
The Mumbai police have registered an FIR against former city BJP youth wing president Mohit Kamboj and two others on charges of cheating, an official said on Wednesday.
Mr Kamboj, however, claimed the FIR was fake and said his voice cannot be suppressed.
A manager with a nationalised bank had complained to police, alleging that Mr Kamboj and two other directors of a company had taken a loan of Rs 52 crore and used it for other than the intended purpose, the police official said.
Based on the complaint, the MRA Marg police here on Tuesday registered the FIR against Mr Kamboj and the two firm directors under Indian Penal Code Sections 420 (cheating) and 409 (criminal breach of trust), he said.
A probe into the case is underway, he added.
Mr Kamboj in a Twitter post on Tuesday claimed a "fabricated FIR" was registered against him by city Police Commissioner Sanjay Pandey.
He also said it was wrong to think that he could be frightened or his voice could be suppressed by lodging an FIR against him in a matter which was "settled long back", and added that he will approach a court with facts.
Earlier, in March this year, the Shiv Sena-ruled Brihanmumbai Municipal Corporation (BMC) issued a notice to a building in suburban Santacruz where Mr Kamboj lives and owns flats, to check if any illegal alterations were made there.
Later, a team of the BMC had also inspected the building.
Mr Kamboj had then claimed that efforts were being made to frame him in a false case.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)