Kolhapur youth arrested for Rs 300 cr fraud by promising double returns of money in 45 days

Kolhapur: The district Rural Police has arrested a wanted youth for allegedly duping investors of Rs 300 crore by promising double returns on their investments in just 45 days.

Accused Akshay Anil Kambale (29), resident of Sadale in Karveer tehsil of the district, owner of Sanvik Wealth Management Company, lured people in 2019 with assured double returns on their investments in 45 days, police said.

Upon getting encouraging response from people, Akshay opened more branches with his family members but in 2020, he shut his company's operations and other branches and absconded with family members.

After being informed about incident, police swung into action and arrested Akshay from his house, however, one of his main partner and family members are still at large.

Later in day, police produced Akshay before a court, which remanded him into three days police custody, sources added.