Unable to get a job in spite of his graduation, Vanesh Pramod Panchal found setting up a firm on his own a much easier option. After a series of advertisements in January 1997, he launched B-Lions Finance and Security Ltd along with his childhood friend Vinod Dadhu Thikuduve alias Desai at Jambli Naka in Thane.

With promises of high returns Panchal found there were enough takers for his investment schemes. For an one-time investment of Rs 5,000 he promised interest of 48 per cent or Rs 375 in cash per month. He published another series of advertisements in several newspapers and within a month he had enough clients to make his venture a success.

The success was to last only three months during which Panchal regularly paid about 80 of his clients who included teachers, businessmen and even lawyers. He used the depositmoney to invest in shares which initially earned him good profits.

In June 1997, the payment to B-Lions customers totally stopped. Panchal, claiming that the share market was in a downswing, assured them the payments would start as soon as the market picks up. However, he started selling bogus shares to B-Lions customers in Mumbai and Thane.

And before the customers realised, Panchal ran away in January 1998 with the deposit money of his 113 clients totalling Rs 15 lakh. Even other office bearers of B-Lions including his partner Vinod were unaware of Panchal's whereabouts. Vinod tried to save the day by informing the customers that Panchal has been to his native place and will soon be back.

Senior police inspector Dilip Shinde said angry B-Lions customers who had no record of their deposits with Panchal lodged a complaint at Naupada police station against the absconding Panchal and his friend Vinod on September 28. The police arrested Panchal and Vinod on October 1 on charges of looting people in Thaneand remanded them to police custody.