Businessmen held for duping investors of Rs 200 cr, sent to JC
New Delhi: A Delhi court on Friday remanded in judicial custody two businessmen accused of duping thousands of investors of nearly Rs 200 crore since 2008 in the name of bogus prospective high-end residential societies and townships.
Additional Chief Metropolitan Magistrate Rakesh Kumar remanded Rakesh Goel and his partner in a company called Cosy Marketing Pvt Ltd, to 14-day judicial custody.
The duo were arrested by the Economic Offences Wing of the Delhi Police.
The Investigating Officer of the case told the court that police had received over 300 complaints against them, while during their police custody, the accused have disclosed defrauding over 5,000 people.
The duo was arrested after an FIR was registered against under Section 420 (cheating), 406 (criminal breach of trust) and 120B (criminal conspiracy) of the IPC and also under the provisions of Prize Chit and Money Circulation Scheme (Banning) Act.
The FIR was registered on a complaint by one Vikas Batija, who alleged that in December 2008, he attended a seminar hosted by Goel here.
During the seminar, Goel promoted his company`s multi- level marketing plan and claimed that his company is developing a township in Pushkar, Rajasthan with all high-end facilities like golf course, shooting range and college.
He asked the participants to become members by paying Rs 11,000, Batija alleged.
Batija claimed in the FIR that Goel made him a member after he paid several thousand rupees and also asked him to bring in other members and earn commission on it. Goel had also claimed that his company had land for nearly 10,000 residential plots, he said and added that convinced by Goel`s assertions, he had also brought in many investors, some of whom paid lakhs of rupees for plots.
He alleged that as the number of investors started increasing and demanded registration of land in their name, the company started dilly-dallying.
On filing an RTI application to gather information about Goel`s company, the investors discovered it had land for only 2,000 plots whereas it had charged money from them for nearly 10,000 plots, he said.
They also found that not all of the 2,000 plots that Goel`s company actually had, had been declared residential by the government, he said.
When the investors demanded refund of their money, the company refused to do so, Batija alleged.
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