Property scam: A man accused of tricking hundreds of people into making huge investments in real estate sector through a slew of firms set up by him and duping them of over Rs 200 cr was arrested by the STF of UP police on Monday, said officials.

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They said Mukesh Singh, the alleged mastermind behind the investment fraud, had floated several real estate-related firms, which duped people by tricking them to invest through his firms, promising them a 13 per cent monthly return over their investments.

"During investigation, the agency got a tip-off about Singh's presence in Lucknow. He was nabbed from the Shaheed Path there by a joint team of STF's Cyber Cell and officials from Vibhuti Khand police station at 4.30 am," STF's Additional Superintendent of Police Vishal Vikram Singh said."

The officer said the police have received at least 200 complaints on the basis of which two FIRs have been registered till now against Singh, his family members and relatives, who served as directors in various firms floated by him.

"The amount of the fraud pegged at Rs 200 crore is just an initial estimate arrived after preliminary investigation. It appears to be a much bigger fraud which could go up to Rs 400 crore. Investigation is going on that," the officer told PTI.

Searches are on to nab other members linked to the fraud, he added.