Suares alleged that Naik had cheated him and his wife. Naik handed them around 20 cheques, all of which bounced.
Suares, a Bandra-based businessman and social worker, sold his suburban house in 2005 because he had planned to shift to Canada. The money received from the sale was lent to Naik, who borrowed it for investments. Naik was to return the money within a month. Since then, whenever Suares inquired about the money, Naik would dish out excuses. Finally, a fed-up Suares approached the Bandra Police who then arrested Naik on Friday.
Naik was taken to court on Saturday to carry out further investigation. A police officer said, "There are more complaints against Naik which we are now probing."
"Naik has been my CA since 1993. He told us he would invest the money we received after selling our home, and return it within a month. He even showed me a document stating that he had taken a loan to pay me back," said Suares.
When Suares and his wife complained to the police in 2007, Naik agreed to repay the money and wrote them 20 cheques. All of the cheques bounced. Suares' wife Anna said, "In 2005, we wanted to enroll our son in an aviation course, but Naik refused to return our funds. His son is now studying in Australia. he may have utilised our money to send him abroad for higher education."
Police sub-inspector Nandkumar Gaikwad of Bandra Police Station, said, "Naik has been booked in a cheating case. We have also asked the court for a remand since we haven't still recovered the money."