Bizman who duped investors of ₹17.94 crore arrested after a year on the run | Mumbai news - Hindustan Times

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

ByVinay Dalvi
Jul 07, 2024 06:26 AM IST

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.

HT Image
HT Image

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.

“We have registered a case under sections 409 (criminal breach of trust by public servant, banker or agent) and 420 (cheating) of the Indian Penal Code along with relevant sections of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999,” said a police officer.

The case was registered in July 2023, and the cops had started searching for him but they learned that the accused was on the run. Finally, teams acting on a specific tip-off camped in Tirupati for three days and arrested him, said the police officer. Gopalan has been remanded to police custody till July 11.

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