A builder, accused of duping hundreds of flat-buyers, has been arrested by the Economic Offences Wing (EOW) of Navi Mumbai Police, an official said on Thursday.
Anand Kadam (45) was arrested by the EOW from a rented flat in Thane's Ghodbunder Road area on Wednesday.
He was produced before a court which remanded him in police custody for ten days, said senior inspector Shyam Shinde of the EOW.
Kadam was the director of two firms, Style Realiance Construction Ltd and Real Buildcom Infrastructure, he said.
The firms announced several housing projects in Thane and Raigad district and allegedly collected booking amounts from hundreds of buyers for flats, bungalows and bungalow plots, but none of the projects materialised.
In June 2018, Vashi police in Navi Mumbai registered four separate cases against Kadam under IPC sections 406 (criminal breach of trust) and 420 (cheating) and also under the Maharashtra Ownership Flats Act.
Further probe is on, inspector Shinde added.