Thane, Nov 6 (PTI) Seven persons, including three women, were arrested for allegedly cheating investors to the tune of Rs 6.42 crore in Maharashtra's Thane district, police said on Friday.
According to the police, the main accused in the case, Prashant Mahadeo Kambli, now deceased, had floated Sankalp Finance company and set up offices at three locations, an official said.
The accused wooed investors with a promise of good returns and obtained loans in their names from different banks, the official said.
These loan amounts were in turn invested in Sankalp Finance and the money was diverted to the accused's personal accounts, he said, adding that the accused had allegedly cheated 40 investors to the tune of Rs 6.42 crore in this manner.
An offence was registered with the Bazarpeth police in Kalyan division on September 6 under relevant sections of the IPC and MPID Act of 1999, and the accused were arrested on Thursday night, he said.
During the probe the police seized assets to the tune of Rs 3.95 crore, which include the flats owned by the company and also the matured policy money of the deceased accused, valued at Rs 2.15 crore, the official added. PTI COR ARU ARU