According to the police, the accused, Chandrasahekhar Sadashiv Karkhanis (54), promised Govind Gajanan Joshi (65) to sell off shares held by him between March and September 1999, for an agreed sum. Although Karkhanis allegedly promised to pay Joshi more than Rs 66 lakh he only paid him Rs 8,50,000. Joshi lodged a complaint with the Chatuhshringi police station. Karkhanis was arrested and remanded to police custody for six days. Assistant police inspector S R Kulkarni of crime branch is investigating.