The Raigad Local Crime Branch (LCB) has arrested a man who had been on the run since 2019 for allegedly cheating investors out of ₹1.78 crore. The accused, Riyaz Ahmed Kasim Bandarkar (47), was apprehended at Kochi International Airport after a Lookout Circular (LOC) was issued against him. He had fled to Dubai after defrauding multiple investors in Murud, Raigad district.
Bandarkar had started Tijaraha Enterprises in Murud, Raigad, in 2019, where he convinced local residents to invest money with promises of high returns. Initially, he provided small profits to gain investors’ trust. However, after a short period, he stopped making payments and refused to return the invested amounts. When investors confronted him, he fled to Dubai, leaving them defrauded of ₹1.78 crore.
Following multiple complaints from victims, Murud Police registered a case against him on August 3, 2024, under IPC Sections 420 (Cheating) and 406 (Criminal Breach of Trust). Additionally, he was charged under the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999, which is specifically designed to protect investors from financial fraud. Given the seriousness of the crime, Superintendent of Police (SP) Somnath Gharge transferred the investigation to the Local Crime Branch, Raigad-Alibag.
Upon confirming that Bandarkar had been residing in Dubai, authorities obtained his passport details and issued a Lookout Circular (LOC) through the Immigration Department, New Delhi. On Monday, as he arrived at Kochi International Airport in Kerala, immigration officers detained him and immediately alerted Raigad police.
Following this development, Police Inspector Balasaheb Khade dispatched Police Sub-Inspector Rupesh Nare along with a team to Kochi to take Bandarkar into custody. He was then brought back to Alibag, where he was officially arrested in connection with the fraud case.
“On Tuesday, the accused was brought to Alibag and produced before the court, where the Raigad-Alibag police sought his remand for further investigation. The court granted police custody until April 2,” Inspector Khade said.
The successful operation was carried out under the supervision of Superintendent of Police Somnath Gharge. The arrested accused, Bandarkar, is a resident of Kharikpada in Murud, Raigad district.
“While in custody, we will probe the matter in detail and also investigate whether he has cheated more people in other areas,” Inspector Khade added.
