You are here: Home » PTI Stories » National » News
Business Standard

Man arrested for cheating investors

Press Trust of India  |  New Delhi 

A man was arrested Wednesday from area for allegedly investors on the pretext of giving high returns against their money, police said.

The accused has been identified as Jaswant Singh, a native of Almora in Uttarakhand, they said.

He was a proclaimed offender in more than 42 cases of and had not appeared before the court in more than 100 cases, they said.

During investigation, it came to notice that Singh was evading arrest since 2016 and was regularly changing his mobile phone numbers and places of stay, Vijay Kumar, of Police (South), said.

Later, it was noticed that his wife visited some of her relatives on Holi in area, following which a trap was laid and he was apprehended Wednesday.

During interrogation, he revealed that in 1988 he came to from his native place in search of a job, the DCP said.

He came in contact with one Ravinder Rastogi, who was running his business from Sadar Bazar area.

Later, Rastogi floated several ponzi companies and offered him the post of director in such companies, said.

He further disclosed that all the firms were only on papers to lure innocent small investors in the form of FDRs with about 14-15 per cent rate of interest per annum with a bonus, the DCP said.

Lots of investors invested their money in such companies. At the time of maturity of these FDRs, they used to close their office and flee, police said.

In January this year, one of his accomplices was also arrested, police said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 11 2019. 00:20 IST