After two years in hiding, Jitendra Mahadev Yadav (43), accused of defrauding 21 investors of over Rs 3.16 crore, was arrested by the Mulund police on Saturday. Yadav ran a business named Capital Gain Financial Services, which promised high returns to its clients.
The arrest followed a complaint by Vaibhav Shamsunder Karle (38) from Ambernath, who invested Rs 9.5 lakh between 2020 and 2021. Initially, Yadav paid small interest amounts, creating a false sense of credibility. However, payments stopped by late 2021, and Yadav soon disappeared, citing financial difficulties.
The FIR states that the total investment from Karle’s family and other investors was Rs 3.99 crore, of which only Rs 84 lakh was returned. The remaining Rs 3.16 crore is alleged to have been misappropriated by Yadav.
Despite multiple attempts, including visits to Yadav’s native village in Banewadi, Sangli district, he remained untraceable until a recent police operation led by Senior Inspector Ajay Joshi successfully located and apprehended him.
The Mulund police continue to investigate the case and are working to recover the defrauded amounts.
