A 35-year-old textile engineering diploma holder was arrested by the Delhi Police’s economic offences wing (EOW) for allegedly cheating more than 50 investors of over Rs 5 crore by luring them into investing their money in multilevel marketing schemes for higher returns, police said Friday.
A Skoda Rapid sedan that the suspected con man, Durvijay Yadav, had purchased using the money he duped from investors was seized from a house in southwest Delhi’s Najafgarh, where he was hiding for the past few days. Yadav was arrested from the house on Wednesday, the police said. Police are now looking for Yadav’s associates whose interrogation would lead them to busting the entire racket. Additional commissioner of police (EOW) Suvashish Choudhary said Yadav’s arrest came following investigation into a cheating, criminal breach of trust and conspiracy case registered with the EOW in 2017 on a complaint of one investors, Rajesh Singh Tomar.
Tomar alleged he had invested Rs 6.36 lakh in the multilevel marketing scheme in July 2014 after he was promised him a threefold annual returns. He also convinced his friends and relatives into investing in the scheme and they put in around Rs 25-30 lakh.
Tomar, his friends, and relatives got returns for the first three-four months. In January 2015, Yadav stopped paying the interest and threatened investors when they demanded their money back. He stopped answering their calls, Choudhary said.
May 25, 2019 04:05 IST
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