India News | Delhi EOW Arrests Man for Duping Investors of Rs 80 Lakh in Investment Scam
Get latest articles and stories on India at LatestLY. The Delhi Police has arrested a man for allegedly cheating over 65 people by making false promises of doubling their investments within a year, officials said on Thursday.
New Delhi, Feb 20 (PTI) The Delhi Police has arrested a man for allegedly cheating over 65 people by making false promises of doubling their investments within a year, officials said on Thursday.
The Economic Offences Wing (EOW) of the Delhi Police said that the accused, Inderjeet Singh (55), defrauded people of approximately 80 lakh.
Also Read | JAC Board Paper Leak: Jharkhand's 10th Board Science Paper Leaked, Exam To Be Cancelled.
"The accused, a resident of Mahendra Park in Jahangirpuri, was allegedly running a large-scale Ponzi scheme. A case was registered at the EOW Police Station, based on a complaint by Manmeet Singh, who alleged that the accused induced him to invest in fraudulent schemes under a private firm," Additional Commissioner of Police (EOW) Amrutha Gugloth said in a statement.
Police said that the investigation revealed that Inderjeet misappropriated funds by issuing fraudulent receipts and later absconded when victims sought their returns.
Also Read | Pi Coin Price: Cryptocurrency Goes Live After 2-Year Wait, Know How To Own It.
EOW officials found that Inderjeet used a classic Ponzi scheme model, where early investors were paid using money from new investors to build trust. Encouraged by initial payouts, victims introduced their relatives to the scheme, further expanding the fraud.
Inderjeet was arrested on February 15, and his police custody was obtained for further investigation.
"Teams are probing the extent of misappropriated funds and whether more victims are involved," said the Additional CP.
(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)