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New Delhi, Feb 21 Delhi Police has arrested a 65-year-old man for duping more than 14 investors to the tune of Rs 2.41 crore by enticing them to invest in his company which, according to him, offered lucrative returns.The accused was identified as Ravinder Kuar Aggarwal, a resident of Gurugram, Haryana.Furnishing details, Joint Commissioner of Police (Economic Offences Wing) Chhaya Sharma said complainant Girish Kumar Jain and 13 other victims filed complaint against Prayag Polytech Pvt Ltd and its directors alleging that directors of this company lured them to invest money in their company on the pretext of handsome returns.The alleged directors misrepresented that their company accepts money from the general public and they will earn a handsome return on their investment. The scheme offered by the accused person was very attractive and they were made to believe that the accused company and accused persons could take deposit from general public and they would fulfill their promises and commitments."Victims were promised that their money was being taken as fixed deposit and interest would be paid and the principal will be returned within a week as and when demanded by the victims," the Jt Commissioner said.Through this modus operandi, the accused persons managed to collect deposits of Rs 2,41,50,000 from 14 investors.Based on this complaint, the police, accordingly, registered a case under sections 409, 420 and 120B of the Indian Penal Code at the Economic Offences Wing police station.The probe revealed that Prayag Polytech Pvt Ltd, the accused company and its directors accepted money from the victim on the promise of fixed return and acted as an NBFC, whereas, the alleged company was neither registered as NBFC with either RBI or it can take deposits from the general public.Any infusion of money in Pvt Ltd Company could only be through procedure laid down in the Companies Act and as per the rules and regulations framed by the RBI. "The victims were issued Promissory Notes against their investments and they were assured that their money was secure. However, after paying interest for a very short time, accused persons stopped paying and also usurped the principal amount. The alleged persons started avoiding the victims and finally absconded," said the senior official.Subsequently, a police team was constituted and the accused was arrested. "He has been interrogated to probe the role/involvement of other co-accused persons and to identify property and other assets, in which the cheated amount has been invested," said Sharma.Further investigation of the case is in progress, the official added.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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National :Gurugram man held for duping 14 for Rs 2.41 cr

New Delhi, Feb 21 Delhi Police has arrested a 65-year-old man for duping more than 14 investors to ... ...