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The incident took place in Agripada area of Mumbai. The police have now arrested the accused who has been identified as Iqbal Siddiqui.
The police are also searching for an accomplice of the accused.
As per reports, Siddiqui took Rs 75,000 from the man on the pretext of providing him a private taxi and a permit.
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The victim met the sales executive Iqbal Siddiqui at the showroom and asked him to pay Rs 10,000 as the booking amount.
Reports state that two days later, the accused again asked Kadam to pay Rs 90,000 for driving license and permits.
Despite paying the amount, Kadam did not get the promised vehicle. When he visited the showroom, he was told that the accused was sacked.
There have been many such incidents and a woman from Nerul was cheated of Rs 13.29 lakh by cyber fraudsters. The cheat befriended the woman on Facebook in July.