A medical professional accused of duping a doctor and his son of ₹42 lakh under the pretext of offering attractive returns on investment has been arrested by Dahisar Police after being on the run for four months. The accused, identified as Vikas Uttamchand Jain, is now in judicial custody, according to police sources.
Arun Kumar Kuvarlal Jain, a 62-year-old doctor from Borivali, resides with his family, including his wife, son (also a doctor), daughter-in-law, and grandchildren. The family owns a hospital in Borivali, where Vikas Jain, a resident of Bhayandar, ran a medical shop named New National Medico. Over three years, Vikas Jain built a professional relationship with Dr. Jain through their frequent financial dealings.
In April 2024, Vikas approached Dr. Jain with an investment scheme. He claimed to have ties with diagnostic centers and pathology labs in Mumbai and explained that these labs required state-of-the-art machinery for blood tests and other medical services. Vikas promised substantial returns on investment, including ₹7.5 lakh per month for the first four months, ₹5.8 lakh per month for the next six months, and ₹50,000 per month for the following 26 months, provided Dr. Jain invested ₹30 lakh.
Trusting Vikas, Dr. Jain and his son invested ₹50 lakh in total through various schemes. A Memorandum of Understanding (MoU) was also signed. Initially, the accused transferred ₹7.5 lakh to Dr. Jain’s account in May 2024. However, subsequent payments stopped, raising suspicion.
When Dr. Jain confronted Vikas, he gave vague excuses and began avoiding them. By June 15, Vikas shut down his medical shop and absconded. Investigations revealed that he had defrauded multiple individuals, including Dr. Jain, Mujit Patel, and Vijay Kolekar, under similar schemes, misappropriating ₹42 lakh in total.
Realizing they had been cheated, Dr. Jain filed a complaint with Dahisar Police. After verifying the complaint, the police registered a case of fraud and misappropriation against Vikas Jain. A special team was formed to apprehend the accused.
Following a four-month search, the police finally arrested Vikas Jain. He is currently in judicial custody, and further investigation is underway.