<img title="Representational picture" src="http://images.mid-day.com/images/2016/nov/23-crime-area-rep.jpg" alt="Representational picture" width="670" height="227" />
Kherwadi police on Wednesday arrested a 28-year-old MBA professional wanted in 494 crore investment fraud outside a hotel in Mumbai's western suburb of Bandra.
The matter came to light after at least 304 investors approached Gangapur police station in Nashik against the accused Vinod Patil last year. An FIR was registered and the Nashik police arrested his wife for aiding him.
Vinod had stopped paying high interest to investors a year-and-a-half ago before the case was registered after he took the money to buy two financial companies in Nashik. The police have sealed the companies.
Vinod was nabbed from Hotel Aroma when he had come to pick up tourists for a Mumbai darshan. The Mumbai Poluce received a tip off which they shared with Nashik crime branch. The Nashik officials arrived on Wednesday and took Vinod into custody.
"We got a tip-off that Patil was in Mumbai but did not know the exact location. We alerted our counterparts when we got information that Vinod was in Bandra. He started the fraud investment company under the name of House of Investment Company on Gangapur Road in Nashik in 2011. He lured investors with high returns and paid them high interest every month for three to four years. Then, he stopped paying them and post-dated cheques given to investors started bouncing," Nashik crime branch assistant inspector R D More, told <a title="MBA in Rs 494 crore investment fraud poses as tour guide, held outside Bandra hotel" href="http://timesofindia.indiatimes.com/city/mumbai/mba-in-rs494cr-investment-fraud-poses-as-tour-guide-held-outside-bandra-hotel/articleshow/57677818.cms" rel="nofollow" target="_blank">Times of India</a>.
"The two offices have been sealed and his account has been frozen. He did not maintain a proper account of the Rs 494 crore. He did not even pay taxes and violated rules. His wife was arrested last November after we learned that she induced many to invest in her husband's company," More told <a title="MBA in Rs 494 crore investment fraud poses as tour guide, held outside Bandra hotel" href="http://timesofindia.indiatimes.com/city/mumbai/mba-in-rs494cr-investment-fraud-poses-as-tour-guide-held-outside-bandra-hotel/articleshow/57677818.cms" rel="nofollow" target="_blank">TOI</a>.
Patil was produced before a Nashik court and remanded to police custody till March 23. He was booked under various sections of the Indian Penal Code for criminal breach of trust and cheating.

Kherwadi police on Wednesday arrested a 28-year-old MBA professional wanted in 494 crore investment fraud outside a hotel in Mumbai's western suburb of Bandra

MBA professional, wanted in Rs 494 crore fraud nabbed in Bandra

Industrialist's son forced spouse to participate in wife-swapping

Kherwadi police on Wednesday arrested a 28-year-old MBA professional wanted in 494 crore investment fraud outside a hotel in Mumbai's western suburb of Bandra

MBA professional, wanted in Rs 494 crore fraud, nabbed in Bandra

Trending Stories

Latest Photos

Latest Videos

Latest Web Stories

Mid-Day Fast

Home / Mumbai / Mumbai Crime News / Article / MBA professional, wanted in Rs 494 crore fraud, nabbed in Bandra