‘Businessman' arrested for Rs50-cr fraud

The Crime Branch arrested a notorious fraudster on Wednesday night for allegedly cheating several businessmen across India to the tune of over Rs50 crore.

The accused has been identified as Krishnamohan Sitaramswami Sarvasiddhi, 33, a Matunga resident and electronic engineer by profession. He was nabbed at Hotel Mayur in Juhu on Wednesday night.

“Sarvasiddhi  is involved in at least 12 cases of cheating in Mumbai alone.  He is involved in cheating cases in Bangalore, Pune, Delhi and Uttar Pradesh,” said Rakesh Maria, joint commissioner of police (crime).

Maria said that Sarvasiddhi has jumped bail in some of his cases and several non-bailable warrants are pending against him.

Explaining his modus-operandi, Maria said, “He formed bogus companies such as Calcom Systems Limited, Polson Limited, Gold Digger Private Limited, etc, and would purchase goods by other businessmen. After making the initial payments, he would vanish with the goods.”

In 2007, he had conned several steel merchants in Pydhonie area to the tune of over Rs60 lakh. “Sarvasiddhi has been into the cheating business for past five years. He was last arrested by the EOW Mumbai in 2007 and since then he was absconding,” said Maria.

A local court on Thursday remanded Sarvasiddhi in police custody till August 7.