Nepalese businessman arrested in Mumbai for fooling Rs 684 crore investors
55-year-old Nepalese businessman, who has at least five cases against him across the country for allegedly duping Rs 684 crore investors into tiered marketing schemes, was arrested on Monday at a five-star hotel from south Mumbai.
Nandlal Singh, who had been on the run since 2018, was traveling between the US, UK and India and has never been arrested in the past. Singh was handed over to the police in Latur (Economic Crimes Wing) where a case was filed against him.
The Criminal Branch (Unit VII) was informed that Singh was staying at the Trident Hotel in South Mumbai. When the police arrived there, she could not find her name among the guests. However, he was spotted in a restaurant and held for questioning. Once it was confirmed that the person was Singh, he was placed under arrest. He had booked a room at the hotel on his wife’s behalf, so her name was not on the guest list.
Police discovered that he had also recorded offenses against him in Kerala, Karnataka and Gujarat. Singh was the chairman of the Phenomenal Group of Companies and got people to invest money in various programs, involving multi-level marketing. He later also established two hospitals across the country and told police that when some of his partners were arrested people started withdrawing their investments, after which he got into trouble.
Manish Sridhankar, Senior Inspector (Unit VII) said: “He used a UK number and spoke to people on WhatsApp to avoid being found. All reservations were also made in his wife’s name. He does not have a home in India and would only stay in hotels. Since studying in Maharashtra, he also knows Marathi well.
The officer added that a police team from Latur had arrested Singh from the Mumbai Criminal Branch. His custody will then be entrusted to other States where cases are registered against him.