Mumbai police nab fraudster after two years on the run

Representational image. Pic/iStock

After two years in hiding, a 43-year-old man who duped 21 investors of over Rs 3.16 crore was finally arrested by the Mulund police on Saturday. The accused has been identified as Jitendra Mahadev Yadav, who ran a business named Capital Gain Financial Services.

The police have apprehended him on the basis of a complaint lodged by one Vaibhav Shamsunder Karle, 38, a resident of Ambernath. Karle had invested Rs 9.5 lakh in Yadav's company between 2020 and 2021. The company promised high returns and showed early signs of credibility by paying small amounts of interest. However, by late 2021, the interest payments stopped, and when approached, Yadav allegedly stalled the family by claiming financial difficulties. Soon after, he vanished from Mumbai.

The FIR lists a total of Rs 3.99 crore invested by Karle's family and other individuals, out of which only Rs 84 lakh was returned, the other '3.16 crore having allegedly been misappropriated by Yadav. In total, 21 investors have come forward to the police complaining about their dues.

Multiple attempts were made to trace Yadav, including a visit to his native village, Banewadi in Sangli district, but he remained untraceable until now. Senior police inspector Ajay Joshi of Mulund police station confirmed that earlier this week, a police team was dispatched to Sangli again and following an extensive search, they traced Yadav.

Rs 3 CR
Amount of money that 21 investors were cheated of