CA arrested for Rs 65 lakh fraud

A chartered accountant was arrested by the Bandra police for allegedly cheating a family of Rs 65 lakh. The accused, Gopal Naik (56), had taken the money from Bandra resident Jude Soares after promising to invest it well. However, he did not pay the invested amount back when the family asked for it.

“An FIR was registered against Naik in late 2009 by Soares. After investigation, we arrested Naik on Friday,” a police official said. “Soares, who has been employed in Canada for the past few years, was planning to move there permanently with his wife Ann and two children. Their accountant (Naik) convinced Soares to give him Rs 65 lakh that he would invest in profitable ventures. In 2005, Soares gave him the amount. Naik paid them interest for the first year. However, for the next two years, he kept delaying the payment date or gave them cheques that would bounce due to insufficient funds,” the official added.

Naik has been remanded in police custody till November 2.