Main accused arrested, one still wanted in Rs 23-cr cheating case

The accused, identified as Sanjay Agarwal, a Kolkata resident and CFO of a realty firm, was arrested on Monday. He has been charged under relevant sections of Indian Penal Code and Maharashtra Protection of Investors Depositors Act.

Economic Offences Wing (EOW) officers have arrested the main accused in the cheating case filed by singer Rodney Fernandes and 24 others, who had claimed they were scammed of more than Rs23 crore by being offered lucrative returns on investment.

Economic Offences Wing (EOW) officers have arrested the main accused in the cheating case filed by singer Rodney Fernandes and 24 others, who had claimed they were scammed of more than ₹23 crore. (Getty Images/iStockphoto/Representative Image)

The accused, identified as Sanjay Agarwal, a Kolkata resident and CFO of a realty firm, was arrested on Monday by the general cheating unit 3 team led by senior inspector Sanjay Govilkar. He has been charged under relevant sections of Indian Penal Code and Maharashtra Protection of Investors Depositors Act. Deputy commissioner of police (EOW) Parag Manere, confirmed the development.

Sanjay is the uncle of accused Mayur Agarwal, who was arrested in the case in February. One more accused is wanted in the case. “We have strong reasons to suspect that Sanjay invested investors’ money with around 20 other companies. The court has granted us his custody till April 10,” said an EOW officer privy to the probe.

According to police, Fernandes, who has sung for the film Finding Fanny, had filed a complaint in January. As per the complaint, in September 2015, Mayur had told Fernandes that his uncle, Sanjay, could give him 18-22% returns on his investment. “From October 2015 to February 2018, Fernandes invested Rs 15.62 crore in Sanjay’s realty firm. Initially, he got returns and this prompted his other band members to invest Rs2.15 crore,” said an EOW officer. However, from November 2016, Fernandes and his band members stopped receiving any interest or the principal amount, said police.