A man was arrested in Thane city on Tuesday for allegedly duping people of Rs 4 crore with fraud investment schemes, said an Anti Extortion Cell official.

AEC Senior Inspector Rajkumar Kothmire identified the accused as Pankaj Bagal (42), who was held based on a complaint at Kopri police station on January 18 that he had promised returns of 4 per cent per month to investors but had then vanished with the money collected.