NAVI MUMBAI: Riyaz Ahmed Kasim Bandarkar, 47, a fugitive wanted for allegedly duping investors of ₹1.78 crore, was arrested at Kochi International Airport on Monday after returning from Dubai, where he had been hiding since 2019.
The Scheme and Fraud
Bandarkar, a resident of Kharikpada in Murud tehsil, Raigad, operated a financial enterprise called Tijaraha. Police said he lured locals into investing by promising high returns. Initially, he paid profits to build trust, but after a few months, he defaulted on payments and eventually fled to Dubai in 2019 when investors confronted him.
Legal Action and Charges
The Murud police registered a case against Bandarkar on August 3, 2023, charging him under:
- Section 420 – Cheating (Indian Penal Code)
- Section 406 – Criminal breach of trust (Indian Penal Code)
- Maharashtra Protection of Interest of Depositors (MPID) Act, 1999 – For financial crimes involving public deposits.
Given the seriousness of the crime, Raigad Superintendent of Police (SP) Somnath Gharge transferred the case to the Local Crime Branch (LCB) in Raigad-Alibag for a detailed investigation.
Arrest at Kochi Airport
During their investigation, police tracked Bandarkar’s location to Dubai. Using his passport details, the immigration department issued a Look Out Circular (LOC) to prevent his re-entry into India unnoticed.
On Monday, when Bandarkar arrived at Kochi Airport, immigration officials detained him based on the LOC. He was immediately handed over to the Raigad police.
Court Proceedings
On Tuesday, Raigad police produced Bandarkar before a local court, which remanded him to police custody until April 2 for further questioning and investigation.
Police continue to investigate whether additional accomplices were involved and are working to trace and recover the defrauded funds.
