Pune: A businessman on the charge of duping an elderly of Rs 65 lakh on the pretext of encouraging higher returns was arrested by Pune police’s Economic Offences Wing (EoW) on Tuesday.

The police have arrested Pankaj Challani (46) in the case. In this regard, Richard Anchi (58) has filed a complaint at Swargate police station.

According to the police, Challani hurled multiple schemes for the elderly, tempting them to invest in schemes for higher returns. After the elderly couple invested money, Challani promised them for annual interest at the rate of 18-24 per cent. The couple invested an amount of Rs 65 lakh during the period of 2014-2018. After days, the couple began visiting his office after not getting the promised annuals. Soon after realising that it is a scam, the couple rushed to the police.

Police also suspect that the magnitude of the economic fraud may run into crores of rupees. The FIR was registered under the relevant sections of the Indian Penal Code and MPID (Maharashtra Protection of Interest of Depositors) Act. Inspector Swati Desai is investigating the case further.