The owner of Gold Museum Raju Baig a resident of Belagavi has been arrested by the Economic Offence Wing (EOW) Kolhapur.
Two businessmen from Kolhapur had filed a complain that they have been duped for 5 crores as Baig had promised them huge returns in the jewelry business.
When produced in court he was sent to 5 days custody and wife of the accused Firoza Baig is absconding as per the police.
Joe Bardeskar and Dilip Mohite had invested 5 crores in the business of Raju Baig after he convinced them that there is huge profit in the said business and started a Gold Museum store in Rajarampuri Kolhapur. Later it came to the fore that the suspect had kept fake gold jewelry in the store and transferred the original to other stores.