Bank manager held for 'duping' people on false promises

A private bank manager was arrested for allegedly duping people by promising high returns on cryptocurrency, police said Tuesday.

The accused has been identified as Sandeep Singh Dua, they said.

Earlier, seven people Narender, Asif Malkani, Baljeet Singh Saini, Pradeep Arora, Sunil Kumar, Puneet Mahindru and Ashok Goel were arrested in the case, police said.

Mahindru disclosed that Dua was the main accused in the conspiracy, a senior police officer said.

"Police got a tip-off and arrested Dua on Monday from here," Additional Commissioner of Police (Crime) A K Singla said.

On August 9, 2017, one Arun Kumar, a resident of West Ghonda in Delhi, filed a complaint where he alleged that some persons cheated him of Rs 14,90,000 after luring him to invest in a newly-launched cryptocurrency Kashhcoin, a senior police officer said.

The Kashhcoin was initially launched with the price rate of Rs 3.50 per coin, promising high profit to its buyers but presently those coins are of no use, the officer said.

In order to lure the investors, the accused conducted lavish promotional seminars at farm house in Chattarpur and various prominent hotels located in Nepal, Mumbai, Gujarat, Chandigarh and Nagpur.

Many eminent Bollywood celebrities were invited in these seminars so that more people could be lured to invest.

The accused used to collect money from people through several bank accounts, police added.