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Arrest in ₹11.35 cr fraud case illegal: MPID court
The Free Press Journal - Indore
|October 26, 2025
The special court under the Maharashtra Protection of Interest of Depositors (MPID) Act has held the arrest of a 48year-old man, booked for cheating 52 depositors to the tune of Rs11.35 crore, as illegal and granted him bail.
The court noted that the man was arrested on May 18 at 10am from his parking lot, whereas the case was lodged at 10.30am. Besides, he was shown as arrested only at 5.30pm.
As per the prosecution case, Pravin Jogindar Pal Obhan, a resident of Chembur, had formed a company named M/s Access Fin Services and launched various investment schemes offering depositors lucrative benefits on investments. The complainant had invested Rs40 lakh in a scheme called 'World Cup Special Monthly' in July 2024. He claimed that Obhan assured Rs8 lakh return benefit from the fourth month for 12 months, with return of principal amount after 15 months.
This story is from the October 26, 2025 edition of The Free Press Journal - Indore.
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