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EOW arrests fraudster for duping more than 500 people

EOW arrests fraudster for duping more than 500 people

New Delhi: The Economic Offences Wing (EOW) of Delhi Police has arrested one Sanjeev Kumar from Ghaziabad for cheating more than 500 people.

Police said that the accused induced the public at large to invest in their different Ponzi schemes and usurped the money obtained from the investors.

According to police the accused was a proprietor of Sai Finance. He is the native of Baghpat in Uttar Pradesh. The fraudster also worked as a data entry operator in Ministry of fertilizer from October 2005 till March 2015.

"He started inducing victim for investment in the form of committees in 2009-10. Friends, neighbours' and his office staff had started investing in his committee. Sai Finance firm was opened in 2009-10. The objective of the firm was to provide lucrative benefits to investors," police said.

Additional Commissioner of Police (EOW) OP Mishra said that accused firstly started committee business wherein several peoples have invested.

The investment was returned as per commitments and thereafter goodwill trust/faith developed between the accused and the victims.

After developing trust, he opened the business of prize chit and money circulations wherein schemes have been launched projecting lucrative benefits to investors.

"He started one scheme of 100 members, wherein each member has to contribute Rs 5000. After contribution for 05 months, a lucky draw was opened in 6th month wherein lucky draw member was gifted with either Nano car or Rs 1.2 lakh cash," police said.

The accused started another scheme of 500 members, wherein each member has to contribute Rs 2000. In this scheme, a lucky draw was opened every month wherein lucky draw member was gifted with Rs 50,000 cash. The team led by DCP (EOW) Varsha Sharma made the arrest.

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