India, June 14 -- The Central Bureau of Investigation (CBI) has arrested a Kalyan resident as part of its crackdown on a cybercrime syndicate specialising in perpetrating investment frauds, and conducted multi-state searches at 10 locations, including in the city. The agency's actions were part of its probe into an investment fraud case in which funds worth Rs.160 crore were allegedly defrauded from victims. A special court sent the arrested accused to judicial custody.

The syndicate allegedly duped gullible victims by entrapping them with the lucrative offer of shares of reputed listed companies at discounted rates and then misappropriated their funds, CBI officials said on Friday. The accused, identified as Pratik Tanpure, a resident o...