Jewelery firm owner held in fraud case
The Economic Offenses Wing (EOW) of the Delhi Police on Friday arrested two directors of B K Jewelers House Marketing Private
Limited, situated at Sant Nagar near Tilak Nagar in west Delhi, for allegedly cheating over 150 investors.
According to the police, the accused, Chetan Malik (25) and Rajesh Malik (40), had been evading arrest from past two months. "The crime branch received over 150 complaints alleging the company had floated a lucrative investment scheme and later duped people. Under the scheme, if a person invests in the scheme from Rs 3,533 to Rs 3,36,738 the company would give him/her huge returns. Special commissions were offered to those who brought in more investors,'' said a senior EOW officer.
The company allegedly conducted seminars and conference on their office premises and other places in order to attract investors. Added the officer: "For the investment of Rs 13,444, the investor was promised returns varying from Rs 26,000 to 26,00,000 within 12 months, depending upon the growth of the company. During investigations we came to know that the accused had made large number of dummy investors to siphon out money from the company.''
The accused were reportedly shifting their locations continuously. "Raids were being conducted at their hideouts. The accused could not sustain the pressure and surrendered on Friday. We have appointed auditors to assess the scale of the scam,'' the officer added.
Source :TOI
Limited, situated at Sant Nagar near Tilak Nagar in west Delhi, for allegedly cheating over 150 investors.
According to the police, the accused, Chetan Malik (25) and Rajesh Malik (40), had been evading arrest from past two months. "The crime branch received over 150 complaints alleging the company had floated a lucrative investment scheme and later duped people. Under the scheme, if a person invests in the scheme from Rs 3,533 to Rs 3,36,738 the company would give him/her huge returns. Special commissions were offered to those who brought in more investors,'' said a senior EOW officer.
The company allegedly conducted seminars and conference on their office premises and other places in order to attract investors. Added the officer: "For the investment of Rs 13,444, the investor was promised returns varying from Rs 26,000 to 26,00,000 within 12 months, depending upon the growth of the company. During investigations we came to know that the accused had made large number of dummy investors to siphon out money from the company.''
The accused were reportedly shifting their locations continuously. "Raids were being conducted at their hideouts. The accused could not sustain the pressure and surrendered on Friday. We have appointed auditors to assess the scale of the scam,'' the officer added.
Source :TOI
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