The Bhandup police have arrested a former auto-rickshaw driver for allegedly cheating people of lakhs of rupees on the ruse of doubling their money in a year. Haroon Rashid Sheikh, 35, cooked up a plan of getting people to invest in a bhishi - chit fund. The police are looking for his associate.

"Three years back, Sheikh started a bhishi in the name of KGN Lucky Draw. Investors had to contribute Rs 1,000 every month to get Rs 30,000 once a year. After running this bhishi successfully, Haroon renamed it Sai Sharda Sahakari Patpedhi Ltd. He later also started Mount Mary Urban Sahakari Patpedhi," said a police officer.