Overview

• Pravin Obhan was arrested by Mumbai's Govandi police for allegedly defrauding investors through high-return schemes like the 'World Cup Special' and 'Money Bond Daily.'
• The fraudulent schemes promised returns of up to 20% monthly, with one offering ₹8 lakh per month on a ₹40 lakh investment.
• Authorities estimate total investor losses at around ₹2 crore, with complaints filed by at least six to seven victims, including retired BMC and police employees.
• Obhan had a prior arrest in 2014 by the Economic Offences Wing for a similar money-doubling scam, highlighting a pattern of repeat offenses.
• Police are appealing for more victims to come forward and are investigating potential asset recovery as Obhan remains in custody until May 23.