'Builder' held for duping people of crores

Passing himself as a builder and a financial advisor, a 60-year-old man, who used his persuasive skills to cheat hundreds of people to the tune of Rs.200 crore, has been arrested here, police said Sunday.

Vijay Dixit, wanted in around 30 cases of cheating, was arrested from a farmhouse in Mahipalpur area of south Delhi Saturday.

"Dixit used his age and influencing skills to cheat the investors," said Joint Commissioner of Police (Economic Offences Wing) Praveer Ranjan.

Dixit used to project himself as a builder, developer, and financial advisor having membership of Multi Commodity Exchange (MCX), he said.

"He conned the investors by promising high returns on their investments in real estate projects," said Ranjan.

"In one such matter, Dixit took money from a large number of people in the name of residential plots' pre-launch in Haryana's Sonepat town by floating a project named SBL City, despite neither having the land nor permission for the project," Ranjan said.

"After collecting money, he vanished leaving the investors in lurch," he added.

Similarly, Dixit cheated Manjula Pathak Kripendorf of more than Rs.90 lakh promising to develop her property situated in the posh Defence Colony area of south Delhi.

"In yet another case of misappropriation, he floated a company in the name of Senior Power Projects Limited and promised high returns to people by inviting investments in commodity trading at MCX.

"After receiving investments of Rs.1.70 crore (approximately) he ran away duping more than 100 investors," the officer said.