India, May 20 -- The police on Sunday arrested a Chembur resident who allegedly ran Access Fin Services, a fake finance company, to lure gullible people into investing in a fake scheme by promising them 10 to 20% returns. The accused, Praveen Obhan, had duped senior citizens who retired from government departments like the Brihanmumbai Municipal Corporation and the police department by convincing them to invest their entire life's savings, said a police officer.

The case that led to his arrest was based on a complaint from one of his victims, Neelam Chiplunkar, a Chembur resident. Chiplunkar and her family are involved in the real estate business. In her complaint, she said a mutual friend introduced her and her husband to Obhan's firm, ...