With the arrest of three persons, including a father-son duo, Delhi Police today claimed to have cracked a case of massive financial fraud involving around Rs 6 crore.
The accused, identified as Satyaveer Singh, Nawab Chaudhary and Dilip Kumar Upadhyay, had allegedly duped as many as 315 persons from all over India on the pretext of high-return investment schemes, said Rajneesh Garg, Deputy Commissioner of Police (Economic Offences Wing).
According to the police, the trio allegedly started a company named Inside Services Limited, and soon floated two sister concerns Insight City Cabs and Insight Hospitality Services which took deposits from people on the pretext of giving high returns with regard to various schemes launched by the companies.
They even advertised about the schemes in a few national dailies.
Once the business took off, they opened five branches at different locations in Delhi, Faridabad and Dehradun, with accounts in seven different banks.
After collecting around Rs 6 crore, the accused allegedly closed their offices and disappeared. Later, post-dated cheques issued to the victims bounced due to insufficient funds in the companies' bank accounts.
"The money they made though the fraud scam was distributed among the trio in equal proportions," Garg said.
While Satyaveer is a school drop-out, his son Nawab had a diploma in polytechnic. Their partner, Upadhyay, is an Arts graduate from Bihar.
Based on a tip-off, the police laid a trap near India Gate, where the trio had come to meet a potential client, and arrested them, Garg said.
