Vanrai police book 70-year-old developer for ₹50 lakh flat fraud | Representative ImageMumbai: The Vanrai police have booked a 70-year-old developer for allegedly cheating an acquaintance of Rs 50 lakh. Flat Promised Against InvestmentAccording to the FIR, Raut is a businesswoman involved in banquet hall management and resides in Goregaon West, while Mhatre’s office is located in Goregaon East. In January 2009, Mhatre told Parag that he needed Rs 50 lakh for a redevelopment project and offered to give 893 sq ft flat in another project within two years if the couple made the 'investment'. Written Agreement And PaymentAs per the FIR, Mhatre said that if he failed to keep his promise, he would pay 24% annual interest on Rs 50 lakh. Two years later when the couple sought the flat, Mhatre told them that the construction had not been completed, said the FIR.