The manager of a company who had allegedly duped around 300 investors to the tune of Rs six crore by luring them to invest into ponzi schemes on the pretext of double profit, was arrested from Dwarka.
Sukhdev Singh alias Sukha, who was wanted in a cheating case and had a cash reward of Rs 20,000 on his head, was arrested by a Crime Branch team from Dwarka Sector 14 metro station on 1 November following a tip off, police said on Tuesday. ‘In 2008, one Narender Satoha and his wife Anita had raised a company in the name of Almandine Marketing which had its office at Kakrola More near Dwarka.
The accused Sukhdev was the manager and networking head of the company. The company had floated ponzi schemes with the assurance to double the money invested with the company in six months, informed Ravindra Yadav, Joint Commissioner of Police (Crime).
He also added investors were also offered attractive commissions for getting money invested through their chain. The company attracted more than 300 investors and an amount to the tune of Rs 6 crore was collected, following which its directors and manager disappeared after locking the office, he said.
A case was registered in this regard at Dwarka North police station and the accused absconding for last two years.
On sustained interrogation, it came to light that Sukhdev was a permanent resident of Kapurthala in Punjab and had dropped out from school after class 8 following which he started his career as a loader at Delhi Airport. He had started a business of garments at Vikas Puri but he suffered losses in it. He then joined a company called ‘Kanak Dhara’ which offered multi-level marketing schemes.
This company had duped thousands of investors in Rajouri Garden area but he somehow escaped, police said. Before joining Almandine Marketing, he worked at another multi-level marketing company in Tilak Nagar area which also duped hundreds of investors.
Sukhdev Singh alias Sukha, who was wanted in a cheating case and had a cash reward of Rs 20,000 on his head, was arrested by a Crime Branch team from Dwarka Sector 14 metro station on 1 November following a tip off, police said on Tuesday. ‘In 2008, one Narender Satoha and his wife Anita had raised a company in the name of Almandine Marketing which had its office at Kakrola More near Dwarka.
The accused Sukhdev was the manager and networking head of the company. The company had floated ponzi schemes with the assurance to double the money invested with the company in six months, informed Ravindra Yadav, Joint Commissioner of Police (Crime).
He also added investors were also offered attractive commissions for getting money invested through their chain. The company attracted more than 300 investors and an amount to the tune of Rs 6 crore was collected, following which its directors and manager disappeared after locking the office, he said.
A case was registered in this regard at Dwarka North police station and the accused absconding for last two years.
On sustained interrogation, it came to light that Sukhdev was a permanent resident of Kapurthala in Punjab and had dropped out from school after class 8 following which he started his career as a loader at Delhi Airport. He had started a business of garments at Vikas Puri but he suffered losses in it. He then joined a company called ‘Kanak Dhara’ which offered multi-level marketing schemes.
This company had duped thousands of investors in Rajouri Garden area but he somehow escaped, police said. Before joining Almandine Marketing, he worked at another multi-level marketing company in Tilak Nagar area which also duped hundreds of investors.