India, Aug. 27 -- Two former prison inmates, including a Bachelor of Ayurvedic Medicine and Surgery (BAMS) dropout, have been arrested for an alleged Rs.86 lakh investment fraud, police said on Wednesday.

The arrested accused have been identified as Tejas Dnyanoba Lokhande, 24, a resident of Markalgaon, Pune, and Avinash Dnyanoba Baklikar, 28, a resident of Latur district, police said.

According to police, the case came to light after a retired senior citizen was duped of Rs.86 lakh in July this year. A case was registered at the Pimpri-Chinchwad cyber police station under relevant sections of the Bharatiya Nyaya Sanhita, including Sections 338, 318(4), 316(2) and 3(5), along with provisions of the Information Technology Act.

During th...