Mumbai: The economic offences wing (EOW) on Monday arrested Kartick Shrivastav, a Versova resident, in a Rs 20 crore cheating case.
Shrivastav is said to have promised unsuspecting investors 400% returns on their investment. Shrivastav targeted doctors, businessmen and five policemen who collectively lost Rs 51.5 lakh. “We have arrested Shrivastav and are questioning him,” said a senior police officer.
The complainant, a Mahim-based doctor, in his statement said that he met Shrivastav and his family in 2013. The accused enticed him into investing in his firms Kartick Nutraceutic, Epitom, Capital, Grassroot Software, KartickAgri Business Pvt Ltd and Narrow Structure.
Three members of Shrivastav’s family have been accused of cheating the victims and were booked under the Indian Penal Code and Maharashtra Protection of Interest of Depositors Act. Till date the statements of 14 victims have been recorded.
“The accused collected Rs 11 crore in cheques from victims and Rs 9 crore in cash. Initially, Shrivastav returned Rs 5.65 crore to investors as returns,” said a police officer. The accused would invite investors for meetings in five start hotels.