The incident took place on Thursday after the woman Sabina Shaikh, a resident of Bapujinagar in Rabodi befriended the victim Burhan Abbas Sayed, who works as a salesman in a mobile shop owned by his brother.
Sabina approached Sayed for help claiming that the children of her paternal aunt were suffering from cancer and she needed money urgently.
Having known her for a while, Sayed, a resident of Kalwa decided to bail her out and parted with Rs 1.5 lakh, which he arranged with the help of his mother-in-law and some friends at the nana-nani park, near old Kalwa bridge, said Police Sub-Inspector Shraddha Waydhande.
Later, Sayed realised that the currency was fake and some of it were mere blank paper slips following which he lodged a police complaint.
Kalwa police have registered a case under section 420 of the Indian penal code and are investigating the matter. The accused is a history sheeter and is absconding.