The complainant Hemendra Singh alleged that Shetty agreed to work in his film 'Mumbai Kiski' in June last year for Rs.70 lakh.
He claimed that Shetty took an advance amount of Rs.21 lakh from him. After getting the advance, Shetty remained unapproachable and did not return the money, he alleged.
The actor also refused to work in the film, Singh alleged. "An FIR was lodged yesterday against the actor under sections 420 (cheating) and 406 (criminal breach of trust) of IPC. Details of cash transaction will be sought from the bank," police said.