After two years in hiding, a 43-year-old man who duped 21 investors of over Rs 3.16 crore was finally arrested by the Mulund police on Saturday. The accused has been identified as Jitendra Mahadev Yadav, who ran a business named Capital Gain Financial Services. 

The police have apprehended him on the basis of a complaint lodged by one Vaibhav Shamsunder Karle, 38, a resident of Ambernath. Karle had invested Rs 9.5 lakh in Yadav’s company between 2020 and 2021. The company promised high returns and showed early signs of credibility by paying small amounts of interest. However, by late 2021, the interest payments stopped, and when approached, Yadav allegedly stalled the family by claiming financial difficulties. Soon after, he vanished from Mumbai.

The FIR lists a total of Rs 3.99 crore invested by Karle’s family and other individuals, out of which only Rs 84 lakh was returned, the other '3.16 crore having allegedly been misappropriated by Yadav. In total, 21 investors have come forward to the police complaining about their dues.