Panaji, Jun 25 (TOI): Goa police has arrested Shivram Tambe, 49, resident of Kalyan, Maharashtra, for his involvement in the conspiracy for allegedly cheating around 129 investors to the tune of Rs 3 crore in the state of Goa.

Police said that the accused was traced in Thane, Maharashtra, by the Goa police team and he was formally arrested by Margao police. The case is now being investigated by the economic offences cell of Goa police. Police said that the accused was wanted for the last six years and was not traceable. Police said that the accused was a representative of the company, M/s Shine Multitrade (India) Pvt Ltd, involved in cheating the investors in Goa and Maharashtra. Police said that Tambe’s assets, bank accounts and property are being verified. The accused has been remanded to five days police custody by JMFC, Margao.

Police said that cases were registered in 2012 at Margao police station. “The company started its office in 2009 in Goa and lured investors with hefty returns for their investment,” said a police officer. In 2012, when the office was suddenly shut down, investors lodged complaints before the police.

Police said that there are around eight accused persons in the case and six of them have been arrested in the case including Tambe. Police said that earlier in the case, Bhupsingh Bhanu, resident of Rajasthan, Akash Mattikop, resident of Margao, Sanjay Amonkar, resident of Margao, Sharad Shirdokar and Suraj Fatarpekar, both residents of Navelim, were arrested in the case and subsequently released on bail.