New Delhi [India], August 29 (ANI): The Economic Offences Wing (EOW) of Delhi police informed on Sunday that a fraudster has been arrested for cheating people in the name of offering handsome returns for their investments.

Based on a joint complaint of 38 victims, the accused, Murari Kumar Srivastav has been arrested who lured people in the national capital for investing in the different schemes of fixed deposit, renewal deposit, etc.

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"Approximately 531 victims invested their amount in the several schemes of alleged company i.e., Progress Producer Company Limited. Around Rs 3.5 Crores has been collected by the fraudster and fled away along with his associates after receiving the money," EOW of Delhi Police said.

Delhi Police informed that an FIR has been registered at Economic Offences Wing against the fraudsters under IPC sections s 406/409/420/120-B. The accused operated the company at Paharganj in Delhi.

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"The accused was tracked with the help of electronic surveillance and local intelligence. After tracking the fraudster, he was arrested at Humayunpur Village, Sitamari District, Bihar," police said.

Further investigations are underway. (ANI)

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