An official on Sunday said that the police have registered a case against a man for allegedly cheating a builder from Maharashtra's Thane district of Rs 2.7 crore after promising a business loan at a lower interest rate, reported news agency PTI.

The 68-year-old complainant from Ambernath, who runs a construction business along with his two sons, needed a Rs 25 crore loan. An acquaintance subsequently introduced him to the accused, who hails from Nashik, the official from Shivajinagar police station said, reported PTI.

The accused promised to arrange the Rs 25 crore loan at 7 per cent annual interest through his company and signed an agreement with the victim's firm on August 4, 2017, he said.