Mumbai police has arrested a 65-year-old man accused of duping jewellers to the tune of Rs 4.22 crore by starting a chain of bogus stores, an official said on Friday.
Srikumar Shankara Pillai was arrested from Dombivli near Mumbai by a team of Lokmanya Tilak Marg Police Station in south Mumbai.
After the key of a BMW was found in his house, police located the car which had been parked in the same neighbourhood. They found a stash of Rs 2.09 crore in the car, the official added.
Pillai had allegedly set up 12 jewellery stores under the name *S Kumar Jewellers* in various parts of the country.
He allegedly purchased gold from several jewellers in south Mumbai and disappeared without paying after shutting down the stores, the official said.
Acting on a tip-off, he was arrested from Dombivli where he was living under a different identity.
A court remanded him in police custody till August 23.
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