The Economic Offences Wing of Thane Police last night arrested an investment firm director, his wife, and two relatives for allegedly duping as many as 4000 investors of Rs 400 crore by defaulting the interest payout since November 2017, an officer said on Thursday. The EOW officials arrested Shriram Samudra, a director in Sagar Investments, his wife Angha, and two relatives, said DCP (EOW) Sandeep Bhajibakre. Police also seized several bank accounts of the firm and the accused.

A case of cheating was registered against the Samudras in October last for allegedly duping 4,000 investors, hailing from places like Badlapur, Ambernath, Kalyan, Thane and Pune, of Rs 400 crore, said the DCP. "Sagar Investments, operating since 1988, claims itself to be a Sebi-approved sub-broker. It was offering advice on investments, insurance, retirement plans, and was also running many schemes promising doubling the investments.

It also claimed to be offering a range of services for high net worth individuals as well as NRIs under one roof," said the officer. The firm offered 15 percent interest for many years, but defaulted paying the same since last November, following which the investors lodged a complaint with the Badlapur police, he said.

EOW senior inspector Sulbha Patil said they had received as many as 300 complaints from investors so far. "Most of the investors are senior citizens who have invested their retirement benefits with the firm," said Patil.

Catch up on all the latest Mumbai news, crime news, current affairs, and also a complete guide on Mumbai from food to things to do and events across the city here. Also download the new mid-day Android and iOS apps to get latest updates