India, Sept. 23 -- The Bombay High Court on Monday refused bail to a Thane-based businessman accused of masterminding an investment fraud in which over 900 investors, many from Mumbai and Thane, were defrauded of nearly Rs.377.6 crore.

The court held that no case was made out for granting bail to the businessman, Sandip Samant, and justice Neela Gokhale explaining that the scale and seriousness of the allegations showed that vulnerable investors were misled with promises of unrealistic profits.

According to the police, the fraud began when a family from the city responded to an online advertisement by AS Agri and Aqua LLP, a company claiming to be involved in agricultural technology projects. Lured by promises of annual payouts of Rs.1 ...