The Economic Offences Wing (EOW) of the Thane police has arrested a builder from Ulhasnagar for allegedly duping 43 investors of Rs 5.5 crore by promising higher returns on their investment.
The accused, Manmohan Ailinsanghani, was nabbed at the airport on his return from Dubai, said Sunil Lokhande, DCP EOW, Thane police.
Police said the accused and his eight partners had started construction at a plot in Ulhasnagar in 2015, and lured investors by floating various schemes promising higher returns.
“The accused initially paid some amount to investors, but later stopped entirely,” said a police officer.
An offence was registered against him last year for cheating, criminal breach of trust, and sections of the Maharashtra Protection of Interest of Depositors Act.