New Delhi: A man named Vikas Dattatraya Bhosale has been arrested for defrauding over 70 people of Rs 64 lakh in Gujarat, the Economic Offence Wing (EOW) informed on Friday. The 27-year-old accused, a resident of Beed district in Maharashtra, was apprehended in Ahmedabad.
The case was filed based on a complaint lodged by Vineet Tyagi and 71 others. The complainants accused Bhosale, along with Manish and Renu, who operated a company called N D Enterprises in Delhi. The company purportedly sold machines for making velvet pencils and enticed people to invest in their scheme, promising high returns on their investments.
Under this scheme, N D Enterprises provided machines and raw materials to the investors, such as raw pencils, powder, gum, and stands. The firm also assured the complainants that they would repurchase the processed products, leading them to invest substantial amounts of money.
The complainants were promised profits of over 75 per cent within a short span of two to three days.
However, the accused company began delaying the supply of raw materials and failed to make timely payments to the investors. Eventually, Bhosale, Manish, and Renu closed down their business and fled. The victims collectively invested Rs 64 lakh in the scheme. Following extensive efforts and investigations, the police managed to trace Bhosale’s address to the Beed district. They discovered that the accused was in contact with his father, who was working in Ahmedabad, Gujarat. As a result, a raid was conducted, and Bhosale was arrested in Ahmedabad by the EOW police team.
The investigation revealed that Bhosale initially started a firm named Veleto in July 2018, which proved unsuccessful, leading to its closure. Subsequently, he joined forces with co-accused individuals, Manish and Deepak, to establish N D Enterprises in Uttam Nagar, Delhi. The accused also hired staff members to collect money and issue receipts. However, when the business expanded and more investors approached, they absconded with the funds on October 18, 2019, abruptly shutting down the company.
The arrest of Vikas Dattatraya Bhosale marks a significant step in addressing the fraudulent activities conducted by N D Enterprises, which allegedly duped numerous individuals of their investments. The legal proceedings will continue to determine the appropriate actions and consequences for the accused.