India, May 20 -- The Economic Offences Wing (EOW) of Mumbai police has arrested businessman Hemang Shah for allegedly cheating his brother to the tune of Rs.9 crore. The 50-year-old Malabar Hill resident cheated his brother while investing proceeds of the sale of their firm, Anchor Electricals, to Panasonic Electricals, said police.

According to the police, Anchor Electricals was established in 1963 by brothers Jadhavji Shah and Damji Lalji Shah. When the company was sold to Panasonic Electricals for Rs.2,500 crore in 2007, the two brothers divided the money equally among themselves. Jadhavji and his sons Mehul and Hemang Shah subsequently set up 180 companies including Great White Global Private Limited, Good Value Financial Private Lim...