The accused had allegedly set up 12 jewellery stores in various parts of the country. (Representational)
Mumbai police has arrested a 65-year-old man accused of cheating jewellers to the tune of Rs 4.22 crore by starting a chain of bogus stores, an official said on Friday.
Srikumar Shankara Pillai was arrested from Dombivli near Mumbai by a team of Lokmanya Tilak Marg Police Station in south Mumbai.
After the key of a BMW was found in his house, police located the car which had been parked in the same neighbourhood. They found a stash of Rs 2.09 crore in the car, the official added.
Pillai had allegedly set up 12 jewellery stores under the name 'S Kumar Jewellers' in various parts of the country.
He allegedly purchased gold from several jewellers in south Mumbai and disappeared without paying after shutting down the stores, the official said.
Acting on a tip-off, he was arrested from Dombivli where he was living under a different identity.
A court remanded him in police custody till August 23.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)