The Govandi Police have arrested a man for allegedly duping several people by luring them with the promise of high returns through a fake finance company. The accused has been identified as Pravin Obhan, who is said to have cheated multiple individuals by offering returns ranging from 10% to 20% on investments.
According to police officials, the case came to light after a woman from Chembur lodged a complaint alleging that she had invested Rs 40 lakh in Obhan's company but neither received any interest nor got her money back. Following her complaint, an FIR was registered at the Govandi Police Station.
During the investigation, several more victims have come forward, and the total amount of fraud is estimated to be around Rs 2 crore. Police said Obhan had targeted people by offering attractive returns on investment and had managed to convince even retirees from government departments such as BMC and the police to invest their life savings.
As per police sources, the complainant, Neelam Chiplunkar, runs a real estate business along with her husband. She was introduced to Obhan's firm, Access Fin Services, through a common friend. The firm, based in Chembur, claimed to offer heavy interest on investments. In July last year, Chiplunkar and her husband met Obhan at his office, where he explained various schemes, including a "World Cup Special Investment Scheme."
According to the scheme, an investment of Rs 40 lakh for 15 months would yield Rs 8 lakh in the fourth month, followed by a return of Rs 96 lakh at the end of the term. Chiplunkar was given a pamphlet promoting this scheme, and based on the offer, she issued a cheque of Rs 40 lakh and signed an agreement.
However, no returns were received initially. She was supposed to receive Rs 8 lakh in December, but Obhan paid her only Rs 4 lakh in January 2025 and suggested that the remaining amount be invested in another plan called the "Money Bond Daily Scheme." Later, Chiplunkar realized that her entire investment was in jeopardy and approached the police.
Obhan was arrested on Sunday and produced before a court on Monday. The court has remanded him in police custody till May 23 for further investigation.