Thane, Feb 2 (PTI) Police have arrested a 42-year-old man for allegedly running an investment firm illegally here in Maharashtra and accepting deposits worth over Rs 2 crore from 587 people, an official said on Wednesday. The accused, Ravindra Zare, who operated from a housing society in Mira-Bhayander area, allegedly accepted deposits of Rs 10,000 and above from people for 40 weeks and paid them an interest of five per cent for every week. He also made payment to agents, hired by him for getting investors, from the business earnings, Navghar police station"s senior inspector Milind Desai said. From June 2021 till date, he had accepted deposits to the tune of Rs 2,73,68,000 from 587 investors, the official said. Acting on a tip-off, a police team raided the accused"s premises on Tuesday and he could not furnish proper documents of his business. The police seized Rs 11,71,500 and various documents, including the list of investors and payment details, from the premises, the official said. The accused was subsequently arrested and a case was registered against him under relevant provisions. He was produced before a local magistrate who remanded him in police custody till February 7, the police said. PTI COR GK GK