An investment company chairman has been arrested for alleged embezzlement by his firm to a tune of Rs 200 crores, police said today.
The accused, Sameer Sudhir Joshi, was picked up from his Dhantoli residence here last night, they said.
Joshi's wife, who holds the post of director with the company and is also an accused in the case, was yet to be arrested.
The couple had floated an investment company 'Shreesurya' and expanded into business of retail stores, edible oil, milk and several branded products.
They allegedly duped gullible investors while promising them high returns with an interest of up to 12.50 per cent, police said.
About Rs 200 crores were collected by them from across the Vidarbha region and mostly retired government servants and businessmen fell into the trap, they said.
Police had received a number of complaints in this regard following which the Economic Offences Wing (EOW) conducted an investigation.
Subsequently, offences under relevant sections of the IPC and provisions of Maharashtra Protection of Investors Deposit Act, 1999, had been registered against the couple on September 14 this year.
