An investigation was on into the case, the police said.
Police have registered a case against nine persons for allegedly cheating a 42-year-old woman from Navi Mumbai and other persons of Rs 2.97 crore after promising them high returns in various investment schemes, an official said on Monday.
The accused invested funds of the woman and other victims in shares and also to acquire movable and immovable properties over the last three years, the official from Sanpada police station said.
But, the accused failed to provide any gains or return the invested money to the victims, he said.
The woman, who is a resident of Seawoods area in Navi Mumbai township, filed a complaint with the police on Sunday.
Based on it, the police registered a case against nine persons under relevant provisions of the Indian Penal Code, the Prize Chits and Money Circulation Schemes (Banning) Act, the Banning of Unregulated Deposit Schemes Act and the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act.
An investigation was on into the case, the police said.
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