Chandrakant Bhargav Golle of Mumbai, who was arrested by Berhampur Police on August 18 on charges of cheating people of Berhampur, got bail in 10 cases on Tuesday.
The Sub-divisional Judicial Magistrate Court here had issued as many as 187 non-bailable warrants against him of which, he got bail in 10.
In 1995, Golle had opened a finance firm, Shree Ramkrishna Electro Control Limited, at Tata Benz square here with its head office in Mumbai, and collected ` 25 crore from 500 depositors by assuring them to return the money with 12 per cent interest in three years.
The firm, however, did not return the money assured to the depositors within the time period and kept on extending the date of maturity.
Meanwhile, even as some of the depositors got cheques from the firm for their money, the same bounced when submitted for clearance.In 2010, Golle closed the firm and fled.
The panicked depositors then contacted the Mumbai head office only to be told that their money has been held up in a mega project. They registered complaints with the local police which were forwarded to the SDJM.
While police investigation was underway, the SDJM issued 187 non-bailable warrants against him and a few others who worked for the firm in 2010.
He had managed to evade arrest till Saturday last when on a tip-off, Berhampur Police managed to arrest him from Ville Parle in Mumbai.
The court will hear the remaining cases later this month.