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Man arrested for cheating people out of Rs 6 Crore: Cops

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Delhi police have arrested a man for allegedly deceiving more than 600 people. (Case)

New Delhi:

The Delhi Police’s Economic Offenses Wing (EOW) has arrested a man for allegedly deceiving more than 600 people who invested in his Ponzi scheme of around Rs 6 crore, officials said on Thursday.

The accused was identified as Devendra Kumar from Mau district in Uttar Pradesh, they said.

Directors/developers of BLS Realty Infra India Limited and BLS Co-operation Credit Society reportedly introduced programs like monthly income, fixed deposit and Gullak plan and ensured good returns on investment in short period, officer says superior of the police.

Companies initially paid returns to investors. In 2017, however, he allegedly stopped making payments when due under certain pretexts, police said.

In 2019, the administrators closed their doors and left the offices.

Investigations revealed that BLS Realty Infra India was not registered with the Reserve Bank of India as a Non-Banking Financial Company (NBFC) and that BLS Co-Operation Credit Society was not authorized by the Registrar of Companies ( central district), Delhi government, to accept public deposits, the officer said.

Investigators also discovered that Dharmender, Ram Janam Bharati and Devendra had been promoters and directors since the companies were incorporated in 2012.

Dharmender and Bharti were arrested earlier and charged, while Devendra was missing. A search was conducted at his home in Mau and he was arrested on Wednesday, Special Police Commissioner (Crime) Ravindra Singh Yadav said.

The people would have worked in finance and marketing for a while. They planned to collect money through agents using systems such as fixed deposit, Shubh Vivah, Kisan Vikas Patra and Gullak Plan (daily plan). They received investments through their agents, said Ravindra Singh Yadav.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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