Thane police have arrested Parag Ashokkumar Shah (47) from Narayangaon, Pune, in connection with a Ponzi scheme that defrauded over 100 investors of Rs 91.63 crore, officials said Thursday. This marks the third arrest by the Economic Offences Wing (EOW) in the ongoing probe.
The fraudulent scheme, which ran between 2020 and 2024, was promoted by a company claiming to develop applications for Google. It lured investors with promises of hefty returns generated from advertisements, police said.
According to Deputy Commissioner of Police (EOW) Parag Manere, 124 investors have been cheated so far. The police have named nine accused in an FIR registered with Vartak Nagar police under various IPC sections including 406, 409, 420, and 34, as well as the Maharashtra Protection of Interest of Depositors (MPID) Act.
Earlier arrests in the case include Rajesh Khedabai Pambar (alias Rajubhai) and Pravinkumar Mansukhbai Vor, both from Gujarat. Authorities have also issued lookout notices for four other suspects, with efforts underway to apprehend them.
Parag Shah was produced before a local magistrate and remanded in police custody until June 11. Investigations continue into the full scope of the fraud and recovery of funds.
Separately, Bollywood actor Dino Morea and his brother Santino Morea were questioned recently by Mumbai Police’s EOW in connection with a separate Rs 65-crore Mithi River desilting scam.
