New Delhi, Aug 26 (IANS) A man in his 50s and his son have been arrested here along with an associate in a massive financial fraud totalling Rs.6 crore, Delhi Police said on Wednesday.
Satyaveer Singh, his son Nawab Chaudhary and associate Dilip Kumar Upadhyay were arrested from near India Gate earlier this week.
“Satyaveer and his son had cheated 315 victims to the tune of Rs.6 crore with the help of Dilip,” Deputy Commissioner of Police (Economic Offences Wing) Rajneesh Garg said.
Garg said the accused cheated the victims by depositing their money in companies under various schemes on the promise of returning them handsome amounts.
The accused used to collect money from the victims for their company Insight Service limited and its sister concerns Insight City Cabs and Insight Hospitality Services.
“After collecting crores of rupees, the accused shut their offices and disappeared, leaving the victims in lurch,” Garg said.
“Some of the victims got to know about the fraud when the post-dated cheques issued to them bounced on presentation at banks due to insufficient funds in the company’s account,” he said.
The accused had opened branches of their company in five different places in Delhi, Haryana and Uttarakhand to lure investors and opened seven bank accounts of their company with different banks.
“The victims were made to pay in cash to mask the documentary evidence of any money trail against them.
“Initially, the promised monthly returns were given to the investors to win their trust with the intention of inducing them into depositing more and more in their schemes,” the official said.