The couple used to collect deposits and promised double the amount in five years.
A couple has been arrested from Surat in neighbouring Gujarat for allegedly duping over 200 women to the tune of Rs 5 crore in a fraudulent investment scheme that promised high returns, a Mumbai police official said on Tuesday.
Manish Chavhan and his wife Vandana Chavhan, who were arrested on Monday, used to collect deposits and promised double the amount in five years but reneged on the promise and fled after selling their properties in Malad in Mumbai, a Dindoshi police station official said.
"They were arrested after a Malad based woman Urvashi Patel tipped us off. A probe is underway to find out how many people have been duped so far and efforts are on to ensure victims get back their hard-earned money," he said.
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