Man who duped investors in Raigad arrested in Kochi after 6 years on the run | Mumbai news

NAVI MUMBAI: A man who allegedly duped investors from Raigad district of ₹1.78 crore in 201, and had been on the run since, was arrested from Kochi International Airport on Monday. The arrest was made after the Local Crime Branch of the Raigad Police issued a Look Out Circular (LOC) against the accused.

The accused is identified as Riyaz Ahmed Kasim Bandarkar, 47, a resident of Kharikpada in Murud tehsil of Raigad. Police said he began a financial enterprise called Tijaraha in Murud, Raigad. “Locals were convinced to invest money as he promised them high returns,” the official said. For a few months, he kept his word and sent the investors profits, before he started defaulting. When investors confronted him, he fled to Dubai in 2019.

On August 3 last year, the Murud police registered a case against Bandarkar under sections 420 (cheating) and 406 (criminal breach of trust) of the Indian Penal Code. As the case was pertaining to fraud on investors, the police additionally charged him under the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999. Given the seriousness of the crime, the superintendent of police (SP), Somnath Gharge, transferred the investigation to the Local Crime Branch in Raigad-Alibag.

During investigation, the police learnt Bandarkar was residing in Dubai. “His passport details were procured, and LOC was issued through the immigration department,” said the official. The accused was detained by immigration officers when he was returning from Dubai at Kochi airport on Monday. Raigad police then produced him before a court on Tuesday where he was sent to police custody till April 2.