Delhi Police arrests private company director for Rs 3.2 cr investment fraud

New Delhi, Jan 8 (PTI) Delhi Police has arrested the director of a private company for allegedly defrauding multiple individuals by promising high returns on their investments, officials said on Wednesday.
    The arrest followed a probe into allegations of cheating and fund misappropriation amounting to Rs 3.2 crore, a statement issued by the Economic Offences Wing (EOW) of Delhi Police said.
    Based on a complaint lodged by Anil Kumar and others, police registered a case on November 3, 2023, under various sections of Indian Penal Code (IPC), including cheating and fraud.
    The probe found that Rahul Kumar, the director of a private company, allegedly lured victims by promising monthly returns of 20-30 per cent on their investments, the statement said.
    "Rahul Kumar claimed the funds would be reinvested in a lucrative infrastructure project at Khurja in Uttar Pradesh. Between July 2021 and May 2022, at least 18 victims were persuaded to sign five agreements with the company and collectively invest Rs 3.2 crore through online transfers and cash payments," it said, adding that the promised returns never materialised.
    When the investors demanded their money back, Kumar issued cheques which bounced due to insufficient funds in the account, the statement said.
    Deputy Commissioner of Police, EOW, Guriqbal Singh Sidhu said the probe revealed that Kumar produced a fake work order purportedly linked to a prestigious infrastructure project in Khurja to gain his victims' trust.
    This false document was central to his scheme, convincing investors that their money was parked in a reliable and profitable venture.
    "Till now, 18 victims have been identified whom the accused duped using fabricated assurances," Sidhu said.

(This story has not been edited by THE WEEK and is auto-generated from PTI)