New Delhi: A 42-year-old director in a production house was arrested in Delhi for allegedly defrauding people with promise of high returns on their investments in films and commercials, police said on Thursday.
The accused has been identified as Subhash Nagar, a resident of Gautam Budh Nagar in Uttar Pradesh, they said.
Mr Nagar was on the run since 2020 after he was made an accused by the Economic Offences Wing (EOW) of Delhi Police in a cheating case. He also carried a reward of Rs 50,000 on his arrest, police said.
According to police, they had received information that Mr Nagar, who was wanted in a cheating case, would come near Noida Sector-8.
After his arrest, Mr Nagar revealed that in 2017, he had come in contact with one Udit Oberoi, a resident of Ghaziabad, through his cousin Parmod Nagar and decided to make a quick buck cheating people.
The three started a company Swag Production Private Ltd with an office in Jasola, Old Mathura Road reportedly to produce a film, with Mr Nagar as the director of the firm, the officer said.
They began luring people by showing documents of the company to invest in feature films, TV, commercials, shorts films, etc, police said. The accused used to coax people into investing in their firm and promised double returns in a year in several installments. They asked them to invest from Rs 11,000 to Rs 5 lakh and had also got a software made to run their business.
They would pay a little money to win the confidence of their victims, but after some time, would stop paying instalments, the officer said.
The matter came to light when one Naveen Kumar lodged a case with the EOW in 2020 alleging that Nagar and his associates made him invest Rs 2 lakh in their company but never paid back, police said.
After the complaint, police nabbed Udit Oberoi, while Nagar absconded, they added.
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