New Delhi: The Economic Offences Wing (EOW) of Delhi Police has arrested an accused who had been absconding for eight years in a case of allegedly cheating 531 people of about Rs 3.23 crore by promising attractive interest and high returns on investments. The accused has been identified as Visarjan (51). He is stated to be a former director of Progress Producer Company Limited. A court had already declared him a proclaimed offender.
According to police, an FIR was registered in the case in 2018 on the complaint of investors. The complainants alleged that the company’s directors assured high interest rates and attractive profits through fixed deposits, recurring deposits, monthly income schemes and savings accounts. Taken in by the inducement, 531 people invested their money.
It is alleged that the company collected a total of Rs 3,23,59,357 from investors and later shut its office. The investors were neither returned their money nor given any information by the company. The investigation also found that the company did not have permission from the Reserve Bank of India to accept deposits from the public.
According to the EOW, the accused did not join the investigation and kept changing his locations to evade arrest. On the basis of technical surveillance and intelligence inputs, a police team arrested him on October 29 from Aliganj in Ambedkar Nagar district of Uttar Pradesh.
Two other accused in the case have already been arrested. Police are now questioning the accused and probing other aspects linked to the case.
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