900 people duped in Rs 15 cr scam

900 people duped in Rs 15 cr scam

A 51-year-old MBA from Bangalore has been arrested for inducing around 900 people to invest in his ‘Indus Group of Companies’ and duping them of around Rs 15 crore by offering high returns, police said on Thursday.

S R Nandan along with three others had floated a number of fake companies and gave advertisement in newspapers offering big profit.

Nandan claimed to be the managing director of the group. However, after accumulating money, they shut their office in south east Delhi’s Nehru Place and decamped with the collection.

They had taken rooms at Ansal Tower in Nehru Place on rent and formed four companies in the fictitious names of Indus Car and Air Rentals India Ltd, Indus Global Medical Tourism and Travels, Indus Creative Fashions India and Indus Mark Vision Architect.
Probe was initiated after large number of complaints were received at economic offences wing police station.

“The group represented various schemes of investment by the name of ‘Indus Mutual Growth Plans’ and approached public through advisement and direct tele-calling,” said Mangesh Kashyap, Additional Deputy Commissioner of Police (Economic Offences Wing).
They had asked for investments of Rs 1.25 lakh to Rs 5.45 lakh for a period of five years with guaranteed returns of Rs 8,200 to Rs 36,500 per month.

Later on, the company introduced one to three year plans.

“The group issued receipt of payments, copy of agreement regarding the investment and post dated cheques for repayments. Some of the cheques were initially honoured which gained the confidence of the investors,” Kashyap added.

However, later on the cheques started bouncing on presentation. It has also been found that the group had not obtained permission from the Reserve Bank of India to seek public deposits.