Man dupes people of Rs 1 cr, nabbed

A man was arrested at Indira Gandhi International Airport for cheating over 1,000 people of Rs 1 crore by inducing them to invest money by promising high interests of upto 20 per cent per month, police said on Tuesday.

Amit Kothari, a Delhi University graduate and resident of west Delhi’s Paschim Vihar, was avoiding arrest since 2010 and was settled in Dubai along with his wife and children.

According to K K Vyas, deputy commissioner of police (economic offences wing), he was held while returning from Dubai on May 15.

“Amit along with co-accused Manoj Sharma owned a Mauritius-registered company Maximus Trade Incorporation dealing in the business of foreign currency exchange. They asked for minimum investment of 200 dollars assuring a return of 15 per cent per month,” Vyas added. Those investing upto 1,999 dollars were assured return of 17 per cent per month, while investment of more than 2,000 dollars were assured return of 20 per cent per month. The returns were assured to be paid for 12 months.

A probe was initiated after a complaint was received in November, 2010 alleging that the company had been shut down after collecting crores of rupees from general public.

Investment revealed that Amit and Manoj preferred to take investments in cash to avoid creation of documentary evidence.

“Apart from some small transactions, most of the investments were accepted in cash and monthly returns were also paid in cash. Initially, monthly returns were given to investors to win their trust with the intention to induce them for more investments,” Vyas said.

Accordingly, more and more investors were lured to invest their money.

Complaints of about 250 victims have been received so far with allegations of cheating to the tune of over Rs 1 crore. “Over 1,000 victims are likely to file their complaints,” Vyas added.

Amit and Manoj shared the cheated money and fled without returning money to investors. “Amit fled to Dubai, while Manoj is still absconding. Efforts are on to arrest him,” Vyas said.

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