Key suspect behind Rs 4.25 crore ponzi scheme held: EOW

NEW DELHI: The Delhi Police’s Economic Offences Wing (EOW) has arrested the mastermind behind a Ponzi scheme, where the accused was operating an elaborate network of bogus finance companies, luring low-income families with promises of high returns on investment plans.

The police were informed about the fraud through a complaint registered at the Economic Offense Wing Police Station.

The accused was identified as Chander Prakash Saini, a resident of Chhatarpur Extension, Delhi.

According to the Police, despite not being registered with the Reserve Bank of India (RBI), these fake companies offered fixed deposit schemes with daily deposits starting from Rs 10.

Over 650 victims were examined during the investigation. Saini’s wife, Sunita Saini, who served as the director of these fraudulent companies, was previously arrested in connection with the case.

The scam, involving companies under the Vasundhara Group and Anakaya Nidhi, targeted residents of Azadpur and surrounding areas in North-West Delhi.

The scheme involved daily investment savings accounts and fixed deposit accounts, complete with fake passbooks and documents to mimic genuine banking institutions.

The companies’ websites falsely claimed interests in real estate and hotels. After collecting over Rs 4.25 crore, Saini and his associates closed their offices and vanished. Despite extensive surveillance and raids, Saini remained elusive until a tip-off led to his capture in Chhatarpur Extension, Delhi. A Delhi Police Economic Offense Wing team, led by Sub-Inspector Manoj Kumar, Head Constables Yash Pal and Prashant, and ACP Manmohan Singh, executed the successful raid.