Fraud company hoodwinked 900 investors, 1 arrested
15 April 2015 4:20 AM IST
A 51-year-old man has been arrested for duping 900 persons of Rs 15 crore by inducing them to invest on the pretext of high returns. So far, the police had received around 150 complaints.
The Economic Offences Wing and Crime Branch have arrested the one proclaimed offender, identified as Kamal Kant Kaushik from Delhi. A large number of victims had invested expecting high interests. Other fraudulent schemes were also being run by the accused company — Indus Group of companies, police said on Monday.
Ever since 2013, a reward of Rs 50,000 had been declared for the arrest of Kaushik. He, along with other associates, cheated many persons through their company and its associated companies located in Nehru Place.
He had induced hundreds of persons through brochures, newspapers, tele-calling and websites to invest their hard-earned money in their company. The directors of the company presented an easy picture that the company was into the business of cab booking, providing vehicles on contract and hire basis to corporate, MNCs, hotels, national and international tourists, real estate etc.
The management of the alleged company floated various schemes of investment by the name of “Indus Mutual Growth Plans” for general public and approached the public through advertisements and direct tele-calling for making investments of Rs 1, 25,000 to Rs. 5, 45,000 for a period of five years with guaranteed returns of Rs 8, 200 to Rs 36, 500 per month.
Later, the company introduced one to three years plans. The company issued receipts of payments, copies of agreements regarding investments and post-dated cheques for their repayments. Some of the cheques were initially honoured and by this way, the accused persons gained the confidence of the investors. However, later on the cheques started bouncing on presentation.
During investigation, it was found that S R Nandan, Vimal Aggarwal, Kamal Kant Kaushik and Ram Kumar Pathak formed the company in the name of Indus Car and Air Rentals India Pvt Ltd.
The Economic Offences Wing and Crime Branch have arrested the one proclaimed offender, identified as Kamal Kant Kaushik from Delhi. A large number of victims had invested expecting high interests. Other fraudulent schemes were also being run by the accused company — Indus Group of companies, police said on Monday.
Ever since 2013, a reward of Rs 50,000 had been declared for the arrest of Kaushik. He, along with other associates, cheated many persons through their company and its associated companies located in Nehru Place.
He had induced hundreds of persons through brochures, newspapers, tele-calling and websites to invest their hard-earned money in their company. The directors of the company presented an easy picture that the company was into the business of cab booking, providing vehicles on contract and hire basis to corporate, MNCs, hotels, national and international tourists, real estate etc.
The management of the alleged company floated various schemes of investment by the name of “Indus Mutual Growth Plans” for general public and approached the public through advertisements and direct tele-calling for making investments of Rs 1, 25,000 to Rs. 5, 45,000 for a period of five years with guaranteed returns of Rs 8, 200 to Rs 36, 500 per month.
Later, the company introduced one to three years plans. The company issued receipts of payments, copies of agreements regarding investments and post-dated cheques for their repayments. Some of the cheques were initially honoured and by this way, the accused persons gained the confidence of the investors. However, later on the cheques started bouncing on presentation.
During investigation, it was found that S R Nandan, Vimal Aggarwal, Kamal Kant Kaushik and Ram Kumar Pathak formed the company in the name of Indus Car and Air Rentals India Pvt Ltd.
Next Story
