The prime accused in the case Anandgiri alias Rajendra Pagare alias Rauf Pathansir, a resident of Vadali Bhoi village in the district, and seven others were arrested in this connection on last night, Nashik rural police said.
"The accused used to collect money from the victims from various parts of Maharashtra, stating that their money would be doubled after performing a pooja on the new moon night," Shrihari Bahirat, in-charge of Chandvad Police Station said today.
However, some of the victims, lodged complaints against the accused, following which they were arrested.
Further investigation is in progress and some more people are likely to be arrested, Bahirat said.