The Economic Offences Wing (EOW) of Delhi Police has arrested a man for allegedly duping over 600 people who invested in his Ponzi scheme of about Rs 6 crore, officials said on Thursday.
The accused has been identified as Devendra Kumar of Mau district in Uttar Pradesh, they said.
The directors/promoters of BLS Realty Infra India Limited and BLS Co-operation Credit Society allegedly introduced schemes such as monthly income, fixed deposit and Gullak Plan and assured good returns on investment in a short period, a senior police officer said.
The companies initially paid returns to investors. In 2017, however, it allegedly stopped making the payments on maturity on certain pretext, the police said.
In 2019, the directors shut operations and left the offices.
Investigations revealed that BLS Realty Infra India was not registered with the Reserve Bank of India as a non-banking finance company (NBFC) and BLS Co-Operation Credit Society was not authorised by the Registrar of Societies (Central District), Delhi government, to accept public deposits, the officer said.
The investigators also found that Dharmender, Ram Janam Bharati, and Devendra had been promoters and directors since the companies' incorporation in 2012.
Dharmender and Bharti were arrested earlier and chargesheeted, while Devendra was missing. Raids were conducted at his residence in Mau and he was arrested on Wednesday, Special Commissioner of Police (Crime) Ravindra Singh Yadav said.
The persons allegedly worked in the finance and marketing sector for some time. They planned to collect money through agents using schemes such as Fixed Deposit, Shubh Vivah, Kisan Vikas Patra and Gullak Plan (Daily Plan). They received investment through their agents, Ravindra Singh Yadav said.
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