India, June 5 -- In a major breakthrough in the Rs.91-crore 'Q Phone App' fraud, the Thane police have arrested Parag Ashok Kumar Shah, one of the main accused in the case. After months of ducking law enforcers, Shah was arrested from Narayangaon near Pune on Wednesday, and has been remanded to police custody till June 11. He is the third individual to be arrested in the case.

The elaborate Ponzi scam, which defrauded 120 investors with promises of high returns through a fake digital investment model, was perpetrated under the banner of a company named 'Q Phone App'. Investors were led to believe that Q Phone App developed applications for Google. They were promised substantial returns in US dollars through revenue generated from digital...