Mumbai:
The city police arrested Arjun Sawant, proprietor of Arrows Dynamic Enterprise, in a Rs 20 crore cheating case where he along with his wife, Vaidehi, promised gullible investors 48% annual returns on investments. Sawant’s wife is also an accused in this case and yet to be arrested. The cheating amount is over Rs 3.2 crore. However, the police feel it could go up to Rs 20 crore when more investors come forward.
The accused husband andwife duo were booked by the police for luring investors to invest in fixed deposits in their real estate firm. Sawant was first arrested by the Sindhudurg economic offences wing (EOW) for a similar offence registered against him there. The EOW took his custody on Tuesday in its case. He was brought from a Sindhudurg jail to Mumbai where the court remanded him in police custody till March 13.
Sawant had his office in Bhandup from where he ran the scheme. Rajendra Deshmukh, a Chunabhatti resident, lodged the complaint with the Kanjur Marg police and the case was transferred to the EOW. “The accused couple collected money under the garb of FDs and promsied 4% monthly returns on the FDs. They did not advertise their schemes in newspapers but preferred word-ofmouth publicity. The firm is neither a limited company nor registered under the Companies Act. They had collected the deposits illegally,” said an officer. The depositors include mostly the working class people from suburban Mumbai.
Information on the internet about Arrows Dynamic Enterprise says it was established in 2009 and is in the list of top service providers of conveyor and industrial belts.
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