Vasai resident Dr Amol Ahivale used to frequently travel to Australia for work and had in May 2014 handed over Rs 40 lakh to one Ragen Mehta of a foreign exchange company in Thane to deposit money into his account during his stay in the foreign country, they said.
According to a complaint lodged by Ahivale with Thane Nagar Police Station on Saturday, Mehta failed to deposit the sum and even did not return it to him, Inspector R R Chavan said.
The medico has alleged that Mehta duped him of Rs 29 lakh, Chavan said.
A case has been lodged under IPC sections 420 (cheating) and 406 (criminal breach of trust) against the forex agent.
The officer said investigation has begun and they are ascertaining if the agent had valid licence to run his business.