Man arrested in Rs 100 cr scam

A man has been arrested for duping around 23,000 people from Manipur of over Rs 100 crore through a fake multi-level marketing investment scam, police said on Monday.

Ningombam Raju from Manipur was living in Noida. He was arrested after Imphal Police informed their Delhi counterpart on December 7 that Raju is wanted in a cheating case and was hiding either in Delhi or Noida. He was arrested in the Kotla Mubarakpur area of south Delhi on Sunday, said a police officer.

Raju told the police that he joined a multi-level marketing company in 2009, whose owner, Irom Satish from Manipur, fled after cheating many people.

He then joined another company in Uttam Nagar, owned by Vinod and Balbir Bagga, both residents of Najafgarh. After working there for a short span, Raju left to join Welkin Real Tech Private Ltd (WRTPL), managed by Parveen Thora of Najafgarh and owned by Kishan Veer of Dwarka.

Vinod and Balbir closed their company and joined WRTPL with Raju’s help. WRTPL lured the people with an offer that a deposit Rs 10,000 will be tripled in three months. An investor will receive 10 per cent commission if they introduce a new member.

Raju played a pivotal role in coaxing many people from Manipur to invest in the scheme. In February 2011, WRTPL was closed down after collecting huge money from the people. Thereafter, Kishan and the Bagga brothers started a new company.

Meanwhile, Raju left the company and started supplying solar lanterns and inverters to Manipur-based customers. He was arrested after a complaint was lodged in Manipur.
The police are now looking for other accused involved in the scam. “We are investigating the case and other accused will be nabbed soon,” said the officer.