nThe Delhi Police on Friday claimed to have arrested a 37-year-old man who had allegedly cheated more than 500 citizens to the tune of crores after luring to invest in various 'Ponzi' schemes.
The accused has been identified as Sanjeev Kumar, a resident of Ghaziabad who was arrested by the Economic Offense Wing (EOW) wing of Delhi Police on Friday.
According to Dr OP Mishra, the Additional Commissioner of Police (CP), EOW, a complaint regarding cheating through Ponzi schemes was received against the accused and a case under section 406/420/120B of Indian Penal IPC and 4/5 Prize Chits and Money Circulation (PCMC) Act was registered at EOW police station and accused was arrested.
"The accused along with other co-accused had induced the public at large to invest in their different Ponzi Schemes and usurped the money obtained from the investors. The initial investigation was started on the basis of complaints filed by few victims," said the Additional CP.
"The preliminary interrogation of the accused has revealed that he has cheated approximately more than 500 victims under various schemes involving crores of rupees," said the Additional CP.
Explaining the modus operandi of the accused, the Additional CP said that accused firstly started committee business wherein several peoples have invested.
"The investment was returned as per commitments and thereafter goodwill trust and faith developed between the accused and the victims. After developing trust,
he opened business of prize
chit and money circulations wherein schemes have been launched projecting lucrative benefits to investors," said the Additional CP.
"He started a scheme to lure more members and in this scheme of 100 members, he asked each member has to contribute Rs 5000. After contribution for five months, lucky draw was opened in six month wherein lucky draw member was gifted with either Nano car or Rs 1.2 Lakh cash. After that, every month draw was to be opened and members would be getting cash prize of Rs 50,000/-, 60,000/ ,70,000/-, 80,000/- and 90,000/- till 99 months," said the Additional CP.
"He started another scheme of 500 members, wherein each member has to contribute Rs 2000. In this scheme lucky draw was opened every month wherein lucky draw member was gifted with Rs 50,000/- cash. Also every month 10 motivational draw was opened and each member was gifted Rs 2000 each," said the Additional CP.
"The accused was produced in the court on Friday and he has been remanded to three days police custody. Further investigation of the case is in progress," the Additional CP added.
