India, March 29 -- The Mulund police have launched a manhunt to arrest Jitendra Yadav, a Sangli native, who allegedly defrauded 21 investors of Rs.3.90 crore by luring them with promises of high returns through his firm, Capital Gain Financial Services. After collecting the money, Yadav allegedly disappeared, leaving investors in distress.

According to the police, the case came to light when Vaibhav Karle, 38, a resident of Ambernath, lodged a complaint against Yadav. Karle, along with his father, Shamsunder, and brother, Rohan, was introduced to Yadav through a common friend in October 2009. Yadav convinced Shamsunder to invest his savings in Capital Gain, promising lucrative returns.

After discussing the scheme within the family, the ...