A 36-year-old man was arrested for allegedly cheating more than 25 businessmen and traders to the tune of Rs 1 crore by forming fake companies and impersonating as their director, police said Tuesday.
Manish Kaushik was arrested from Ranjeet Nagar on March 10, they said.
Explaining the modus operandi, police said that Kaushik and his associate Gaurav Chaudhary planned back in 2015-16 that they would earn quick money by cheating traders and businessmen. They opened two offices on rented premises at separate locations at East of Kailash and Amar Colony for this purpose.
Kaushik and Chaudhary pretended they were directors and owners of the alleged companies and procured laptops, computer items, RO water purifiers, clothes, handloom, bedsheets and other articles from merchants, said Chinmoy Biswal, Deputy Commissioner of Police (southeast)
Initially, they procured small consignment from these traders. Once they developed trust, they would pay a small token of advance amount and procure huge consignment, he said.
In lieu of such consignments, they would give bogus Post Dated Cheques (PDCs) to the traders and these articles were sold at cheaper prices to receivers and junk-dealers, he added.
When the traders could not locate the two, several complaints of cheque bounce were filed by the victims at the Saket Court, the DCP said.
The accused was declared a Proclaimed Offender (PO) in 14 cheque bounce cases by the court, he said.
Police team scanned bank details and conducted fresh raids at all possible hideouts of the accused persons following which Kaushik was arrested from Ranjeet Nagar, he added.
The accused told the police he was planning to open a new office to continue with his work, the officer said.
Kaushik, who completed his graduation through correspondence from Delhi University, used to work in a private company before indulging in the illegal activity, he said.
He was previously arrested in cases of car theft and cheating. Efforts are being made to arrest the absconding associate of the accused, police said.
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