The event, which was promoted as "NYE - Macau Midnight Madness" at the premises of Tulip Star Hotel (erstwhile Juhu Centaur Hotel), the event management company Purple Stone Entertainment offered passes online for anything between Rs 2,000 and 8,000 for the party, they said.
The complainant Nikhil Doshi (31), who works in an IT company and resides in Santacruz, told PTI, "I had gone with my wife after booking the tickets online. I paid Rs 3,800 for the couple entry ticket.
According to Santacruz police, the organisers had promised that international and Indian disk-jockeys (DJ)and Macau dancers would be performing at the event.
However, none of the artistes turned up for the event, revellers claimed.
The crowd started pouring in at the premises from around 8 PM but no proper arrangements were in place to issue passes to those who booked tickets online and revellers alleged that the party never started, police said.