India News | Maha: Jeweller Held for Cheating 1,216 Persons of Rs 57 Cr with Fraud FD Scheme
Get latest articles and stories on India at LatestLY. A jewellery shop chain owner was arrested in Maharashtra's Thane city for allegedly duping more than 1,200 persons to the tune of Rs 57.89 crore, a police official said on Thursday.
Thane, Sep 15 (PTI) A jewellery shop chain owner was arrested in Maharashtra's Thane city for allegedly duping more than 1,200 persons to the tune of Rs 57.89 crore, a police official said on Thursday.
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Shrikumar Shankara Pillai, who had several gold and diamond outlets in several towns of Maharashtra, was arrested by the Crime Branch's Economic Offences Wing on Tuesday, he said.
"Pillai would woo customers with fixed deposit schemes promising returns as high as 16 to 18 per cent. Our probe has found he cheated 1,216 investors of Rs 57.89 crore. He failed to pay interest and principal, after which the first case was registered in Kalyan in February," he said.
He was arrested under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act and Indian Penal Code and was remanded in police custody till September 19, the official added.
"We have frozen 24 bank accounts containing Rs 12.84 lakh. His secured property is worth Rs 60 crore. More duped investors are likely to come forward with complaints and the cheating amount may go up," the official said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)