Nashik man who duped investors arrested in Mumbai

The accused, Vinod Patil, the director of Nashik-based House of Investment, had been absconding after investors there filed a criminal complaint against him.

Written by Srinath Rao | Mumbai | Published: March 17, 2017 1:18:36 am

A Nashik-based director of an investment firm, on the run for eight months after allegedly duping investors of Rs 31 crore, was arrested on Wednesday in Mumbai, where he had been working as a tour guide after running out of money.

The accused, Vinod Patil (28), the director of Nashik-based House of Investment, had been absconding after investors there filed a criminal complaint against him. After promising returns of as much 2% a month, Patil’s firm went bust last year and hasn’t paid returns from February 2016. As many as 3,664 investors have accused him of collectively duping them of Rs 31 crore.

After Nashik-based lawyer Ganesh Desai, also an investor, lodged a police complaint, Patil fled the city. The robe was taken over by the EOW, which took Patil’s wife and sister into custody, the police said.

Recently, the Nashik police received information that Patil had found a job as a guide with a tourism company in Malad and was living in hostels in various parts of the city. “He would frequently change his location. He would also visit hostels in search of foreign tourists,” said Assistant Police Inspector Raju More.

On Wednesday, the police tracked Patil down to Aroma Hostel in Bandra East, where he been staying and arrested him. The police took Patil back to Nashik on Thursday.

Patil, who hails from Nashik, obtained an MBA degree and operated seven firms at one point, dabbling in gold and silver trading and selling dry fruit apart from running the investment firm, the police said.

srinath.rao@expressindia.com

For all the latest Mumbai News, download Indian Express App