New Delhi: A 24-year-old man, involved in Ponzi scheme fraud related to renting cars, was arrested from Anand Vihar area. The accused had duped more than 50 persons of more than 100 high-end cars worth rupees crores.
Police identified the accused as Suraj Singh. Deputy Commissioner of Police (crime) G Ram Gopal Naik said Singh came in touch with one Bilal Khan and Mehboob.
The trio hatched a plan to cheat the innocent people and in Jan. 2018, they started a tour and travels office in Sahibabad.
"Singh launched a scheme that they will put the cars in five stars hotels on rent and invited the persons to invest in the scheme and assured handsome returns," police said.
Adding further, DCP crime said that many people bought the cars and gave him to engage the same on hire in five stars hotels. Monthly rent of the cars was assured as high as from 60,000 to Rs 2 lakh.
Initially, he made payments to investors to develop faith. He again took some money back from the investors on the fake assurance that they are buying other cars on their names and will put them on hire in the hotels. "Later, it was revealed that he sold all the cars to gullible buyers after making forged signatures of the victims and fled away," police further added.