Mumbai: Man Arrested for Defrauding Investors of Rs 17.94 Crore in Fake Import-Export Scheme

The Economic Offenses Wing (EOW) has arrested Venkataraman Gopalan, a resident of Tamil Nadu, for defrauding investors through his Hyderabad-based import-export company. Operating from an office in Santacruz East, Mumbai, Gopalan promised investors returns of 7 to 10 percent on investments in agricultural products. He managed to attract significant investments using word-of-mouth publicity before absconding with crores of rupees.

Gopalan established JVR Import Export in the Vakola area of Mumbai, claiming it was linked to his Hyderabad company. Initially, he fulfilled his promises of returns, which bolstered his credibility. However, as he accumulated more funds, he ceased payouts and disappeared. The total amount defrauded is estimated at Rs 17.94 crore.

Police apprehended Gopalan in Tirupati, where he was attempting to evade capture. Following his arrest on July 3, he was presented in court and remanded to police custody until July 11. The investigation into his fraudulent activities continues under the supervision of the EOW.

This case underscores the risks associated with investment schemes promising unusually high returns and highlights the importance of due diligence when investing. Authorities are urging potential victims to come forward and assist in the investigation.