The MRA Marg police made a significant breakthrough in a high-profile cheating case on Tuesday, arresting the CEO of Consolidated Private Limited, the company that operates Maple stores specializing in Apple products. The arrest marks a crucial development in the alleged Rs 1.01 crore Apple iPhone 16 procurement fraud that has shaken the retail electronics sector.
The Arrest and Charges
Mrityunjay Prasad Gupta, the apprehended CEO, was taken into custody from Bengaluru and subsequently produced before the Mazgaon court. The court remanded him to judicial custody after hearing the prosecution's arguments. Police had sought his custody for further interrogation, stating that Gupta held ultimate responsibility for both operational and financial decisions within his company.
Investigators revealed that Gupta is suspected of exploiting his executive position to facilitate the alleged cheating scheme. The case involves a substantial amount of Rs 1.01 crore, making it one of the notable financial fraud cases in the city's recent history.
Investigation Findings
According to police statements, the investigation uncovered a pattern of deceptive practices. Gupta allegedly misled complainants through false assurances and representations about business capabilities. The funds received for legitimate business activities were reportedly diverted for other purposes, causing significant financial loss to the victims.
The police probe indicated that Gupta used his authority within the company to create a facade of credibility while allegedly operating the cheating scheme. False business representations formed the core of the alleged fraud, with promises made that investigators claim were never intended to be fulfilled.
Case Background and Previous Arrests
The case originated from a complaint filed by mobile trader Imran Merchant, who reported being offered Apple iPhone 16 units at Rs 68,000 per piece from a source within Maple. The renowned Apple retailer's reputation allegedly lent credibility to the offer, which later turned out to be part of the fraudulent scheme.
Gupta becomes the fourth individual arrested in this ongoing investigation. Previous arrests include Sanjay Pradhan (61), who worked as a commission agent, along with Maple store manager Ibrahim Ansari and Deven Devda. The sequential arrests suggest a widening investigation into what appears to be an organized cheating operation.
The MRA Marg police continue their investigation into the matter, with authorities indicating that further developments might emerge as they dig deeper into the financial transactions and company operations involved in the case.
