A 55-year-old businessman hailing from Nepal wanted for allegedly duping investors to the tune of Rs 684 crore with Ponzi schemes was nabbed by Mumbai Crime Branch, an official said.

Nandlal Kesar Singh, chairman of the Phenomenal group of companies, was detained from a five-star hotel in south Mumbai by the Crime Branch's Unit VII on August 22, and was later handed over to the Economic Offences Wing ( EOW) of Latur police, which had registered a case in 2018 under section 420, 468, 471, 409 and 34 of IPC and section 3 of Maharashtra Protection of Interest of Depositors (MPID) Act, the official said.