The Malwani police have arrested a software engineer and booked two others for allegedly duping 11 investors of more than R2 crore after promising them sizeable returns on a monthly basis.

Kishan Katnhar, 34, was arrested from Charkop on August 31, but his younger brother Niraj, 31, who has an MBA degree, and his friend Anwar Ansari, 28, are still at large. Niraj is reportedly in hiding outside Maharashtra while Ansari is in Dubai where he runs a cafe. The complainant, Mohammed Irfan Khan, 28, who runs a catering business in Malwani, had approached the police and filed a complaint in January.