Floyd Mayweather Jr., the undefeated American boxing champion, has filed a lawsuit against his former business advisor, Jona Rechnitz, alleging the theft of at least $175 million.

The complaint, submitted in Manhattan County Supreme Court, claims Rechnitz, a New York real estate developer with a previous fraud conviction, orchestrated a multi-year scheme to divert funds from Mayweather's investments, real estate transactions, jewellery, and a private Gulfstream jet.

Rechnitz, who had built a close relationship with Mayweather since 2017, reportedly misappropriated loan proceeds and investment funds intended for real estate and commercial deals.

The lawsuit details instances where Rechnitz allegedly redirected millions to himself and associates, including a $13 million loan and $100 million worth of jewellery pledged as collateral without Mayweather's knowledge.

Mayweather, lacking formal financial or legal training, had placed complete trust in Rechnitz, publicly defending him even as the alleged misappropriations occurred.

The boxer is now seeking damages exceeding $175 million, along with punitive compensation and full restitution of all benefits Rechnitz allegedly received.Rechnitz has approximately 21 days to respond to the claims.