The accused was held on Friday for allegedly taking money for plots in Shahapur, Satara, Karjat and Kasara but not completing the sale.
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The director of a company has been arrested in Thane for allegedly duping investors to the tune of Rs 3.15 crore, police said on Monday.
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Inspector Shekhar Bagde of Thane police's Economic Offences Wing said Santosh Naik (52), who heads a direct marketing firm, was held on Friday for allegedly taking money for plots in Shahapur, Satara, Karjat and Kasara but not completing the sale.
Some 25 people were cheated of Rs 3.15 crore between 2010 and 2016, after which a case was registered in August last year, he said.
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