Laptop in front, he would dole out tips on the hot stocks for a private Bengali television channel. On Saturday night, he was arrested for duping over 100 small investors of crores.

Bhaskar Mukherjee, 31, and his 66-year-old father Smriti were held at a bus stop in Balasore by officers of the detective department. The cops believe Bhaskar masterminded one of biggest financial frauds in recent times.

In addition to making his weekly appearance on the small screen, he had started a company, mopped up a few crores and disappeared from the city, according to police.

Taken in by Bhaskar?s small-screen credentials, people put money in the share market through Biniyog, the start-up. The investors did not bother to keep track of their deposits or a tab on the company, presenting Bhaskar with the opportunity to leave them in the lurch.

Police have found records of fixed deposits of Rs 1.2 crore in Bhaskar?s name. He was carrying Rs 2.8 lakh in cash when he was arrested. On Sunday, he and his father were produced in Alipore court and remanded in police custody.

?Bhaskar started his company in November 2005 and set up an office in Jodhpur Park. Many of those who had been watching his programme queued up to invest. Mukherjee cashed in on their faith,? said city detective chief Gyanwant Singh.

?We have received complaints from approximately 100 investors who have collectively lost about Rs 2 crore. The count is likely to rise,? he added.

Bhaskar, a resident of Dhakuria, lured customers by promising them returns between five and 20 per cent per month. For the first few months, he kept his pledge.

The word spread and the number of investors shot up. Those who had put in money, invested more money. Bhaskar asked his father to help out to handle the extra workload.

?From February, he started avoiding his clients. The family disappeared in May,? said an officer.

?Mukherjee would charge 20 per cent of the returns for his expert opinion and most customers didn?t mind. The majority re-invested their interest income. Some retired people had invested their life?s savings. They are thinking of selling their house. Some are contemplating suicide,? said Atanu Das of Jessore Road, one of the investors who had complained against Bhaskar.