The duo had established a consulting firm in the city of Vasai through which they allegedly lured people into investing in various schemes and offered 25 to 50 percent higher returns, police said.
Police arrested two people for allegedly cheating more than 200 people out of $ 8.71 million rupees by promising them lucrative returns on investments in various schemes here in Maharashtra, an official said Wednesday.
The duo, identified as Amit Kantilal Jain and Yogesh Bhalerao, had established a consulting company in the city of Vasai here through which they allegedly lured people into investing in various plans and offered returns between 25 and 50. Higher%, Deputy Commissioner of Police Said Dr. Mahesh Patil.
They allegedly misled 215 people and then fled the town by closing their establishment, the official said in a statement.
Subsequently, the police obtained information that the accused had fled to Dubai and Mumbai. Police also sought help from the New Delhi Immigration Office in tracking down the defendants. Recently, police received a tip that Jain was coming to the Chinchoti area here, after which they set a trap and captured him on September 20, the official said.
Police also obtained information that Bhalerao had returned from Dubai and was in hiding in the Gujarat city of Umbergaon.
A police team rushed to Umbergaon in the Valsad district and caught him from there on Monday, the official said.
Police also seized properties worth more than 70 lakh bought by the defendants in the Chinchoti area here and in Jejuri in Pune, he said.
A case was registered against him under the relevant sections of the Indian Penal Code and the Protection of Interest of Depositors (in Financial Establishments) Act of Maharashtra, police added.