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One held for investment fraud
The Economic Offences Wing (EOW) of the Mumbai crime branch arrested a man on Wednesday, for allegedly giving false assurances of tripling investments in 60 days and collecting money from people.
Updated on: Dec 28, 2009, 01:19:47 IST
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The Economic Offences Wing (EOW) of the Mumbai crime branch arrested a man on Wednesday, for allegedly giving false assurances of tripling investments in 60 days and collecting money from people.
The police have arrested the alleged kingpin, Digmbar Patil of Avishkar Enterprises, in Parel. The scheme was reportedly floated around July 2009.
EOW said more than 1,600 investors have fallen prey to the fake scheme and Patil along with others accused collected Rs 20 crore.
EOW also said that their investigations established there were more than 350 agents in the scheme who were paid hefty commission.
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