India, Feb. 25 -- A special MPID (Maharashtra Protection of Interest of Depositors Act) court has rejected the bail plea of Prashant Angane, the director of Concunsmart Shares and Stock Broker Pvt Ltd, who was arrested for allegedly duping 52 investors of Rs.2.77 crore with false promises of lucrative returns.

According to the prosecution, the fraud emerged in a scheme floated by the accused called 'Old is Gold', in which he promised 70% annual return and 35% half yearly return on the invested amount.

A senior EOW (Economic Offences Wing) official said that Angane used to upload speeches on YouTube to attract investors with advertisements that claimed that an investor made Rs.1 crore from the Rs.1 lakh he had invested in a scheme in 10 ...