EoW arrests prime accused in national level LFS share broking scam

Lokmat News Network

Chhatrapati Sambhajinagar:

The LFS Broking Company, accused of defrauding over 6,000 investors across India by promising returns of 20 percent to 36 pc, is at the center of a nationwide scam involving hundreds of crores of rupees. In a major development, Vinod Balasaheb Mane (30), the Maharashtra head of the company, was arrested on Tuesday by the Economic Offences Wing (EOW) of the city police. He was produced in court and has been remanded to seven days of police custody, said Police Inspector Sambhaji Pawar.

A case of fraud was registered against the company on February 20 in the city. Mane, along with city manager Vinod Salve, allegedly embezzled over ₹3 crore from more than 35 local investors. In July 2023, the company shut operations and its officials absconded.

Previously, EOW Sub-Inspector Ashok Awchar and head constable Vithal Mankape had arrested company director Syed Ziazur Rehman and manager Vinod Salve. However, Mane had remained absconding until his arrest from Bhoom Taluka on Tuesday by Awchar's team.

Background of the scam

Around ₹3 crore collected in the city, and around ₹35 crore statewide.

Across the country, the company allegedly defrauded 6,219 investors of over ₹600 crore.

In June 2024, SEBI banned the company from operating due to fraud allegations.

In July 2024, the Bhubaneswar Police made arrests, and in March 2025, Syed Ziazur Rehman was taken into custody by city police.

Special commissions for Mane and Salve

Apart from their salaries, Mane and Salve received special commissions for every investment. Mane, who holds a B.Sc. and an MBA in Finance, joined the company in 2017 and was later promoted to Maharashtra head. The EOW has submitted a 1,645-page charge sheet in the case.

Nationwide assets and bank accounts seized

Cases have been filed against the company in Odisha, West Bengal, Bihar, Maharashtra, Jharkhand, and Gujarat. The Enforcement Directorate (ED) is conducting a parallel investigation. On May 24, ED arrested directors Dilip Kumar Maiti and Anarul Hussaini. So far, the ED has successfully seized 118 bank accounts and 63 properties, including hotels, resorts, land, bungalows, flats, and even a building in Dubai. The investors should come forward and register complaints against the company, said the PSI Ashok Awchar.