Maharashtra: Man held for cheating 1,216 persons of Rs 57 crore with fraud FD scheme

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A jewellery shop chain owner was arrested in Maharashtra's Thane city for allegedly duping more than 1,200 persons to the tune of Rs 57.89 crore, a police official said on Thursday.

Shrikumar Shankara Pillai, who had several gold and diamond outlets in several towns of Maharashtra, was arrested by the Crime Branch's Economic Offences Wing on Tuesday, he said.

"Pillai would woo customers with fixed deposit schemes promising returns as high as 16 to 18 per cent. Our probe has found he cheated 1,216 investors of Rs 57.89 crore. He failed to pay interest and principal, after which the first case was registered in Kalyan in February," he said.

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He was arrested under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act and Indian Penal Code and was remanded in police custody till September 19, the official added.

"We have frozen 24 bank accounts containing Rs 12.84 lakh. His secured property is worth Rs 60 crore. More duped investors are likely to come forward with complaints and the cheating amount may go up," the official said.

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