Navi Mumbai: 1 held in chit fund scam, ₹9.99 crore cash seized

Navi Mumbai: The Uran police have arrested a 32-year-old resident of Uran for allegedly cheating many unsuspecting investors on the pretext of 40% returns in 50 days. The police also seized ₹9.99 crore in cash.

The suspect, Satish Vishnu Gavande, was caught with the money when he was bringing it by taxi to Koproli on Friday night.

Suspect was on police radar

Deputy Commissioner of Police (Zone 2) Pankaj Dahane said that Gavande was on the police radar for a long time. However, it was difficult to take action as no one had registered a complaint against him.

The police even held a meeting with villagers in Pirkon and Bhendkhal and warned them not to fall prey to such schemes. They also put up banners and posters at various locations to warn people.

Police laid a trap

On Feb 17, the Uran police received information that Gavande was coming to Koproli by a taxi. The police laid a trap near Reliance Road at Koproli Chowk. Around 10pm, the vehicle was intercepted and thoroughly checked. The police found ten travel bags filled with cash. However, Gavande was not able to give a coherent reply on where it came from. A complaint was registered and a video recording of the cash was made.

After Gavande’s arrest, Kavita Mahesh Koli, 42, a resident of Mora Gaon, approached the police and registered a complaint against him. She invested ₹1,65,000 in a scheme on Jan 19 and was promised ₹2.5 lakh in return by Feb 17.

Following Koli’s complaint, a case of cheating was registered under relevant sections of the Indian Penal Code and the Prize Chits and Money Circulation Schemes (Banning) Act. DCP Dahane said further investigation is underway and they have five-day custody of Gavande.