Gorakhpur (UP), Nov 17 (PTI) Five people were arrested in Uttar Pradesh's Kushinagar district on Tuesday for allegedly duping people into investing in a sham finance company by promising to triple their deposits within half year, police said.

The five were nabbed from the Bharkulwa crossing on National Highway 28. Cash worth Rs 3.49 lakh, three laptops, seven mobile phones, two vehicles, ATM cards, passbooks and chequebooks were recovered from them, Superintendent of Police Vinod Kumar Singh told reporters.

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The suspects made a fake finance company and lured people into depositing money by offering to triple it in six months. They also asked investors to bring more prospective members in order to get higher returns, but reneged on it, according to the SP.

The five -- Sonu Kesarwani, Vishwajeet Sharma, Ramnath Sharma, Sudarshan Yadav and Bhaskar Rav -- were wanted in cases under various Indian Penal Code sections, including 420 (cheating), and the Information Technology Act, among others, the officer added.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)