CHENNAI: City police have registered a cheating complaint against the founder of Tender cuts- a start-up specializing in meat retail and delivery business for allegedly cheating an investor of Rs 46 lakh without returning the money.

Valasaravakkam Police booked Nishanth Chandran and Sasikumar of M/S GFM retail Pvt. Ltd based on a complaint from PV Sathyanarayanan (43), who runs a business support services firm.

According to the complaint, about three years ago, Nishanth had approached the complainant saying that they are looking for investors through FICO (Franchise invested company operated) model and sought for investments.

A franchisee agreement was entered in September 2021 for a period of five years and the franchise was to be set up in Koramangala, Bengaluru and Sathyanarayanan had paid an amount of Rs 50 lakh including the franchisee fee through bank transfer.

However, the outlet did not materialise and Nishant allegedly evaded Sathyanaraynan's requests and after sometime offered to set up an outlet in Ambattur, Chennai.

Even that did not materialise after which the complainant sought to refund the invested amount and so far have given only Rs 3.5 lakh.

The complainant said that there has been no response from Nishanth for the last 16 months and sought a detailed enquiry into his complaint.