Commodity scam’ touches Rs 7 crore
After 20 days of investigation, the Economic Offences Wing of the Delhi Police has found that Subhash Aggarwal, who cheated hundreds of people in Delhi, invested crores of rupees in the jewellery market.
The police have established that he invested around Rs 4 crore in the commodity market (by playing satta in the jewellery market) and lost all the money.
The police have received 160 complaints till now and the scam, called “Commodity Markets scam”, has reached up to Rs 7 crore in worth. A source said, “Apart from what he lost in playing satta on gold, diamonds and silver, he invested the rest in four properties in Noida and Delhi, and the office in Satya Enclave in Outer Delhi from where he ran his cheating business.”
Aggarwal was running an office in the name of ‘Stop Loss Commodity Ltd’ in Satya Enclave for two-and-a-half years. He had made his wife, Snehlata Aggarwal, director of the company. Both were arrested on June 12 from the Capital and are at present in judicial custody.
Officials said the 160 complaints received till now are genuine and they are waiting for more people to come in with complaints. Sources said they have also recovered all the incriminating documents related to investments in his company and the satta played by Aggarwal.
A senior official said the complaints have stopped coming these last few days, otherwise they were receiving four to five complaints everyday from residents of Satya Enclave, Aman Vihar, Prem Nagar, Mundka, Uttam Nagar and other areas of West and Outer Delhi. “The fraud may go up to Rs 10 crore if all aggrieved persons approach us,” the official said. The police are still scrutinising Aggarwal’s 15 bank accounts to get more details about the fraud.
Aggarwal reportedly duped people by asking them to invest in his company and promised high returns. “Aggarwal gave them post-dated cheques of the amount he claimed would be given as returns. But these cheques, of which we have recovered some, were never cleared,” an officer said.
Source:Indian Express
The police have established that he invested around Rs 4 crore in the commodity market (by playing satta in the jewellery market) and lost all the money.
The police have received 160 complaints till now and the scam, called “Commodity Markets scam”, has reached up to Rs 7 crore in worth. A source said, “Apart from what he lost in playing satta on gold, diamonds and silver, he invested the rest in four properties in Noida and Delhi, and the office in Satya Enclave in Outer Delhi from where he ran his cheating business.”
Aggarwal was running an office in the name of ‘Stop Loss Commodity Ltd’ in Satya Enclave for two-and-a-half years. He had made his wife, Snehlata Aggarwal, director of the company. Both were arrested on June 12 from the Capital and are at present in judicial custody.
Officials said the 160 complaints received till now are genuine and they are waiting for more people to come in with complaints. Sources said they have also recovered all the incriminating documents related to investments in his company and the satta played by Aggarwal.
A senior official said the complaints have stopped coming these last few days, otherwise they were receiving four to five complaints everyday from residents of Satya Enclave, Aman Vihar, Prem Nagar, Mundka, Uttam Nagar and other areas of West and Outer Delhi. “The fraud may go up to Rs 10 crore if all aggrieved persons approach us,” the official said. The police are still scrutinising Aggarwal’s 15 bank accounts to get more details about the fraud.
Aggarwal reportedly duped people by asking them to invest in his company and promised high returns. “Aggarwal gave them post-dated cheques of the amount he claimed would be given as returns. But these cheques, of which we have recovered some, were never cleared,” an officer said.
Source:Indian Express
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