A self-styled godman was arrested on 10 May after he allegedly duped a Mumbai-based diamond merchant of Rs 3.77 crore.
The accused, identified as Virendranand Bramachari alias Krishna Singh, claims to be a spiritual and ayurveda baba with a large number of followers.
He was nabbed by the Tardeo Police, who will now hand him over to the Mumbai Police. According to the police, about 9 per cent of the cash has been recovered from the accused.
According to a Mid-Day report, the businessman was conned by Singh on the pretext that he would arrange a loan of Rs 40 crore for the victim to overcome his business losses.
According to the police, the accused - who hails from Uttar Pradesh's Faizabad region - spent some years in Jammu to gain spiritual knowledge. He also lived in Mumbai's Vile Parle area, serving as a priest of a temple for some years, before finally moving to Surat, Gujarat, where he reportedly has huge number of followers.
The complainant came in contact with the accused through one of his followers. Impressed by the godman, the complainant invited him home for a puja - hoping it would help solve his financial troubles.
Singh reportedly told the businessman that he could help him take a bank loan of Rs 40 crore with the help of his contacts. But he said that in order to process the loan, he would need to deposit an amount of Rs 3.85 crore.
The businessman reportedly borrowed money from his friends and relatives and arranged Rs 3.77 crore.
Around a week ago, Singh took the complainant to a bank in Vashi. Singh asked the complainant to hand over the Rs 3.77 crore to him and go inside the bank to meet certain bank officials - that he had claimed to know. While the complainant complied, Singh reportedly fled with the cash.
The police has lodged a case under various sections of the Indian Penal Code. Further investigation is on in the matter.