The Economic Offences Wing of Delhi Police on Friday arrested a man and unearthed a ponzi scheme that duped over hundreds of people on the pretext of high returns, said a senior police officer.
The officer said that the accused has been identified as Sanjeev Upadhyay, a resident of Adarsh Nagar in Delhi.
Police said they received more than 130 complaints. The complainants alleged that Sanjeev Upadhyay was running a partnership firm in the name of M/s Great India Expo. He induced them to invest in the firm with 200% assured return on monthly basis. A lot of people fell into his trap and invested their hard earned money in the firm. After collecting a huge amount from the complainants, the accused stopped the payment of monthly returns, shut down the office, switched off his phones and ran away.
During investigation, several bank accounts of the accused/alleged firm were detected, scrutinised and action taken to safeguard the interest of gullible investors. Crores of rupees were withdrawn by the accused by way of numerous self cheques.
Regional Manager, Department of Non Banking Supervision, RBI, confirmed that the alleged firm was not authorised for functioning as NBFC or for collecting money.