Man arrested for cheating

Sunder Lal Maloo, a Commerce graduate from Bikaneer who was wanted in a number of cheating cases, was arrested from Andrews Ganj on Tuesday, Sanjeev Yadav, Deputy Commissioner of Police (Special Cell), said.

"He was absconding. We came to know that he has hideouts in Maharastra, Gujarat, Rajasthan, Haryana and Delhi. We got a tip off and arrested him," DCP said.

Maloo had allegedly sold his company 'Universal Finance Traders' to a businessman of Delhi in 2007. As per the agreement all the movable and immovable properties of this company were free from mortgage.

"When the new Directors of the company applied for the transfer of the flat in a commercial building at Tolstoy Marg, they came to know that this property is already under litigation," Yadav said.

Earlier in 2005, Yadav said, Maloo had made an agreement to sell his company's property Ajay Roadways Pvt Ltd to a businessman for Rs 12 crore and took an advance Rs 12 lakh.

"When the businessman followed up with Maloo for accepting the balance amount and complete the agreement, he sought time after time on one or other pretext. The businessman then came to know that Maloo has sold this property to another businessman," he said.

Cases were registered in these cases.

In 1994, Maloo purchased the ownership of weekly financial newspaper namely "Rupee Gain" and became its Chief Editor. He closed the publication in 1998.