New India [India], October 8 (ANI): Delhi Police on Thursday arrested two persons for allegedly running a Ponzi scheme and duping people of crores of rupees.

The accused have been identified as Harshul Kaushik and Gurmeet Sahni. They both were running a Ponzi scheme by the name of 'E-Rickshaw on Rent'.

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More than 50 complaints involving 1100 victims/investors have been received by the police against them. They have allegedly cheated people of a total of Rs 15 crores.

The accused were running a company named SOS Vehicles Service Pvt Ltd. They encouraged and induced people to invest in their firm and earn healthy returns on the investments made. They also got victims visiting a manufacturing plant of E-Rickshaws. After initially paying the returns to their investors, they stopped paying them money, thus looting them of their hard-earned money.

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A case was registered against the accused after which the police managed to arrest them after two months long surveillance.

Further investigation into the matter is ongoing. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)