Post conning people of nearly Rs1.5 crore, carpenter arrested
23 March 2015 4:52 AM IST
A carpenter, who floated a company and duped people to the tune of crores within a period of nearly seven months in 2008 and had remained underground ever since, has been arrested by the Delhi Police from Chandigarh, the police said on Saturday.
The accused has been identified as Satnam Singh, who belongs to Mohali in Punjab. In February 2008, he floated a company named NGP Pvt Ltd and lured thousands of people to invest in fake short-term high yielding investment schemes. He started with offering some gifts to the potential investors and asked for initial deposits of Rs 300, Rs 1500 and Rs 12,000, depending upon the kind of schemes they were opting for, said Rajnish Garg, Deputy Commissioner of Police (Economic Offenses Wing).
He further said that by August 2008, Singh had made around Rs 1.5 crore and then went underground when his investors started enquiring about their first round of returns. Numerous complaints were registered in Delhi and Punjab against him.
Recently, the police received a tip-off that Singh was hiding somewhere near Chandigarh. Further enquiries revealed that he was also operating a bank account at an Axis bank branch in Chandigarh, which ultimately led to his hideout and subsequent arrest.
The accused has been identified as Satnam Singh, who belongs to Mohali in Punjab. In February 2008, he floated a company named NGP Pvt Ltd and lured thousands of people to invest in fake short-term high yielding investment schemes. He started with offering some gifts to the potential investors and asked for initial deposits of Rs 300, Rs 1500 and Rs 12,000, depending upon the kind of schemes they were opting for, said Rajnish Garg, Deputy Commissioner of Police (Economic Offenses Wing).
He further said that by August 2008, Singh had made around Rs 1.5 crore and then went underground when his investors started enquiring about their first round of returns. Numerous complaints were registered in Delhi and Punjab against him.
Recently, the police received a tip-off that Singh was hiding somewhere near Chandigarh. Further enquiries revealed that he was also operating a bank account at an Axis bank branch in Chandigarh, which ultimately led to his hideout and subsequent arrest.
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