Mohali, Jan. 21 -- Police have registered a case against a Gujarat resident for allegedly cheating local investors of Rs.1.05 crore by promising franchises of reputed international and Indian food brands.

According to the police, the accused, identified as Vibhanshu Vaibhav, approached the investors and held meetings at various locations, including Mohali, claiming he could arrange franchises for a commercial project through strong industry connections and prior approvals. Believing these claims, the investors transferred the amount as an initial investment and executed a letter of intent.

The accused later claimed that advance payments had been made to various brands, providing transaction receipts as proof. However, independent verifi...