Pune: A 28-year-old man was arrested here in Maharashtra on Monday for allegedly cheating an investor of Rs 1.45 crore by promising him high returns on his investments in a tree plantation scheme, police said.
The accused, Pranay Khare, used the name of a noted NGO involved in propagating Yoga and meditation to lure his victims to invest in his firm J K Ventures, a crime branch officer said.
"Khare told the complainant that his firm has purchased a 7,000-acre land in Ratnagiri district. He convinced the victim to invest in a Moringa tree plantation scheme to earn hefty returns," he said.
The complainant approached the police after he failed to get any return on his investment of Rs 1.45 crore.
"We have arrested Khare under various sections of the Indian Penal Code (IPC). Further investigation is on," he added.
Police suspect that Khare might have used the similar modus operandi to cheat many people.