New Delhi: A father-son duo was arrested in
the national capital for allegedly cheating a large number of
people to the tune of a total amount of Rs 120 crore by
promising them upto 6,000 per cent return for their
investments in a year, police said.
Bhupinder Pal Singh (55) and his son Gurkaran Singh (25),
the owners of Urvashi Jewellers in Rajouri Gardens, were
apprehended from Gopinath Bazar after trailing them from
Gurgaon yesterday, Additional Commissioner of Police (Crime)
Neeraj Thakur said.
The two had floated `Kanak Dhara` Investment Scheme in
which they allegedly promised 1,500 to 6,000 per cent returns
per annum. "They duped thousands of investors to the tune of
Rs 120 crore," Thakur said.
"In 2007, they formed a company in the name of M/s Pavi
Overseas Pvt Ltd. They then floated the investment scheme
Kanak Dhara," Thakur said.
They allegedly lured investors on the pretext of giving
back manifold returns for their investment.
"The scheme floated was a pyramid type of scheme where
early and small investors in the initial stages of the scheme
are gainers, and the larger numbers and the late entrants are
the victims and losers. The initial depositors are allowed to
make gains to attract more and more innocent persons into the
trap," he said.
When the accused earned around Rs 120 crore and sensed
that their deeds were about to be exposed, they allegedly
closed their office and went into hiding.
"They had lured investors from not only Delhi, but also
from Punjab, Mumbai and other places in India. Cases have been
registered against them in Punjab as well as in Mumbai and the
accused were arrested there and subsequently released on
bail," Thakur said.