THANE: A jewellery shop chain owner was arrested in Maharashtra's Thane city for allegedly duping more than 1,200 persons to the tune of Rs 57.89 crore, a police official said on Thursday. Shrikumar Shankara Pillai, who had several gold and diamond outlets in several towns of Maharashtra, was arrested by the Crime Branch's Economic Offences Wing on Tuesday, he said.
"Pillai would woo customers with fixed deposit schemes promising returns as high as 16 to 18 per cent. Our probe has found he cheated 1,216 investors of Rs 57.89 crore. He failed to pay interest and principal, after which the first case was registered in Kalyan in February," he said.
