India, Oct. 26 -- A special court under the Maharashtra Protection of Interest of Depositors (MPID) Act recently denied bail to Umesh Ramdhan Raypure, the proprietor of an unregistered investment firm through which he allegedly duped 91 investors of over Rs.3.7 crore by luring them with fraudulent high-return schemes.

Special judge R K Deshpande on October 18 dismissed Raypure's plea for regular bail, observing that charges have been framed against him already and there was "no change in circumstances" warranting reconsideration of bail.

According to the prosecution, between 2019 and 2022, the accused induced people to invest through his Andheri-based firm, Siddharth Profit House, and promised daily returns of 1 to 1.5%. He also offered...