Man held for duping investors to tune of Rs 16 crore

A 28-year-old youth was arrested today for allegedly duping investors to the tune of Rs 16 crore by promising hefty returns on their deposits, police said.
"Milind Sawant, a resident of Kalwa, tricked the investors into parking their funds in a firm floated by him, for a period of ten months from March to December last year", said
assistant sub-inspector RB Bhilare of Kalwa police station.
Explaining Sawant's modus operandi the officer said, the accused promised investors a 60 per cent annual return, besides doubling their amount.
"Sawant initially made payments to some of the investors before winding up the operations overnight", police said, adding that according to initial investigations, around 80 people were cheated by Sawant for Rs 16 crore.

Sawant was booked under sections 420 (cheating and dishonestly inducing delivery of property) and 406 (criminal breach of trust) of the Indian Penal Code besides sections 3 and 4 of the Investors Protection Act.
The complaint was filed against Sawant by one of the victims, Ramakant Pawar.