The Mumbai police Economic Offences Wing says it has identified and frozen 192 accounts of the group companies in 15 banks.
The Mumbai police on Saturday arrested the chief of Mumbai-based Sai Prasad Group of Companies for allegedly cheating investors and collecting up to Rs 2,000 crore in fraudulent schemes.
Balasaheb Bhapkar, 56, heads the group which has interests in real estate, infrastructure, energy, food and films. The company collected the money from 20 lakh small investors under several schemes such as monthly installment plans and one-time payment plans in alleged violation of SEBI rules.
"The company did not have permission from the SEBI to run the investment scheme and they induced investors through the promise of high returns," said the Economic Offences Wing of the Mumbai Police.
The case was registered after a complaint by Ankit Bhansali, an Assistant General Manager with the Securities and Exchange Board of India (SEBI).
The Mumbai police Economic Offences Wing says it has identified and frozen 192 accounts of the group companies in 15 banks and that it has conducted searches across six states in connection with the case.
The Mumbai police have requested investors who did not get returns that were promised by the company to approach the police and register a case.