A man was arrested in Thane city on Tuesday for allegedly duping people of Rs 4 crore with fraud investment schemes, said an Anti Extortion Cell official.
AEC Senior Inspector Rajkumar Kothmire identified the accused as Pankaj Bagal (42), who was held based on a complaint at Kopri police station on January 18 that he had promised returns of 4 per cent per month to investors but had then vanished with the money collected.
“He lured people by claiming he had good contacts in Dubai and could get them good exchange rates for foreign currency. Our probe has found that he cheated 230 people to the tune of Rs 4 crore. He has been remanded in police custody till April 23,” the inspector added.