Several hundred people were allegedly duped by the owner of a jewellery chain in Maharashtra’s Thane city, a police official said on Thursday.
The Economic Offences Wing of the Crime Branch arrested Shrikumar Shankara Pillai, who owned several gold and diamond outlets in Maharashtra.
During our investigation, we found Pillai defrauded 1,216 investors of Rs 57.89 crore by offering fixed deposit schemes that promised returns as high as 16-18 per cent. He failed to pay interest and principal, which led to the filing of the first case in Kalyan in February.
His arrest was pursuant to the Maharashtra Depositors’ Interest Protection (in Financial Establishments) Act and the Indian Penal Code, the official said.
It is likely that more duped investors will come forward with complaints and the cheating amount may rise, the official said. The frozen bank accounts contained Rs 12.84 lakh. The secured property is worth Rs 60 crore.