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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.
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An investigation was on into the case, the police said.