Mumbai, Aug 20 (IANS): The Mumbai Police on Saturday booked two businessman for allegedly cheating and duping their business associates of Rs 10 crore and indulging in money-laundering rackets over the past one year.

The Economic Offences Wing (EOW) of Mumbai Police has filed an FIR and is investigating the complaints.

The FIR was lodged by one of the aggrieved parties, Vikas Omprakash Nowal, co-founder of Interspace Communication Pvt. Ltd., naming the accused - Rahul Bhoopsingh Yadav and Sanjay Sukhdeo Saini - and their company 4B Networks Pvt. Ltd.

Following the complaint, the EOW officers raided the residences and offices of the accused duo in the western suburbs of Mumbai.

"The investigation is going on... We cannot comment anything at this stage," an officer said.

The complainant said that they had carried out a publicity campaign for the accused duo of Yadav-Saini and their company. In return, Yadav-Saini gave them a part of the money for the business deals and earned their confidence.

Later, they allegedly defaulted on over Rs 7 crore interest anointing to more than Rs 10 crore now.

The Yadav-Saini duo had reportedly taken the monies from their shareholders but failed to make the payments due to Interspace Communication Pvt Ltd, which executed their campaign.