Company director nabbed for multi-crore investment fraud; 8th arrest in case so far

Police on Wednesday said they have arrested the director of a company in connection with a multi-crore investment fraud case in Kolhapur district of Maharashtra.

Lohitsingh Subhedar, director of AS Traders and Developers LLP, was the main accused in the case and was arrested by the Kolhapur police's Economic Offences Wing (EOW) on Tuesday, they said.

With this, eight persons have been apprehended so far in the fraud case. All the seven people arrested earlier were associated with the firm.

According to the police, the accused, through AS Traders and Developers, had duped several investors by promising higher returns on their investments.

Police received a tip-off that Subhedar would be coming to offer prayers at one of the Ganesh mandals in Kolhapur from Mumbai in a truck. Accordingly, a trap was laid and he was nabbed near Kini Toll Plaza, said the police.

A case of cheating and fraud was registered against Subhedar and his firm in November 2022 and it was transferred for further probe to the EOW in March 2023 given the large number of investors who were duped.