Three top executives of Pune-based investment firm held

Several documents regarding purchases of property and seven cars were seized from the possession of the accused, the police said.

The accused were produced before a special court designated under the Maharashtra Protection of Interests of Depositors Act and remanded in police custody until May 12.

Last year, the police had arrested Bhapkar and Managing Director Shashank Bhapkar after complaints that the conglomerate had defrauded over 20 lakh investors in eight states of more than Rs 2,000 crore.

The EOW alleged the firm attracted investments promising high returns but defaulted on payments and had not sought permissions from the RBI and the Securities and Exchanges Board of India before raising investments.