Bizman who duped investors of ₹17.94 crore arrested after a year on the run

Mumbai police arrest man for cheating 147 investors of ₹17.94 crore with promises of high returns on investments in export business; accused remanded till July 11.

MUMBAI: The Economic Offences Wing (EOW) of the Mumbai Police arrested a man who allegedly cheated 147 investors of ₹17.94 crore promising 7 to 10% interest on their investments per month.

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The accused told the investors that he was exporting vegetables, fruits, spices, and dry fruits to Dubai, Singapore, and Malaysia and was making huge profits therefore investments in his profitable business would yield good returns.

The police said luring people with high returns, the accused collected the investments and was on the run for a year and was picked up from Tirupati in Andhra Pradesh by the police.

According to the EOW officials, the arrested accused is identified as Venkatraman Gopalan, 56, who hails from Ashok Nagar, Chennai, Tamil Nadu. The officials said Gopalan had started a company, GVR Exports and Imports, which was in export and import of farm products.

“He met people and asked them to invest in his business as he required finances to grow the business. He told them he could pay monthly returns of around 7 to 10% and thus lured people. From December 2021 to March 2023, several investors invested in his company. He had opened an office in Vakola. So far around 147 have approached the police claiming that they had invested ₹17.94 crore with Gopalan and had not received the amounts back,” said an EOW officer.