Two Jharkhand-based man were arrested for allegedly cheating people on the pretext of investing their money in an online share market trading company, police said on Saturday.
Vijay Masih (41) and Mohammed Abutalif Mansuri (27), both residents of Ranchi, cheated people after promising them to get their money doubled, the police said.
A complaint in this regard was lodged in May at Neb Sarai police station here. The victim alleged that the accused asked him to invest in an online share market trading company, promising an assured return of 12 to 17 per cent per month.
He also promised to get his money doubled.
The complainant gave him a total of Rs 22 lakh to invest, they said.
Initially, the accused gave him some amount as interest, but stopped after two months. They also shut their Noida office.
"During investigation, it was found that the accused have collected money from different people in the name of online investment. They were traced in a luxury hotel on Thursday and were arrested," Deputy Commissioner of Police (South) Atul Kumar Thakur said.
Interrogation revealed that they have cheated more than 100 people.
Masih, the mastermind of the scam, employed four-five men on 20 to 30 per cent commission. They had opened 15 accounts in different banks and had transactions of more than Rs 5 crore in two years, police added.
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