The Mumbai Crime Branch's Property Cell, which is investigating a Ponzi scam in which over 500 investors were duped of Rs 170 crores, arrested a key accused on Tuesday. Manikkam Velayutham Udgair (40), a resident of Versova in Andheri, was arrested as part of the continuing investigation.

In July, the authorities arrested Ashish Shah of Madhya Pradesh for impersonating a SEBI-registered agent. Shah promised victims great profits for investing their money in the stock market, only to scam them.