Judging from this lame degree, it must be an excuse to raise money. Don't flatly refuse yet, so he may find a way from somewhere else at once. Now he may just be ready to join after inspecting the business, so he is raising money everywhere. As long as we can call him back in time, we can avoid many losses. Once he put in, ten cows can't be pulled back.
Find out where he is first, and then find an excuse to say that the money in hand is only 80 thousand, and see his reaction. Remember, what they do is probably to invest 69,800 yuan and earn 1040, so 50,000 to 70,000 are figures he can accept immediately. Feel the reaction and ask for help.