The Economic Offences Wing (EOW) of Delhi Police apprehended the director of a private firm for duping gullible investors in lieu of providing higher returns, the cops said on Wednesday.

Deputy Commissioner of Police (EOW) Dr Guriqbal Singh Sidhu said the suspect was identified as Rahul, director of RJ Raghav Krishna Multitasking Pvt Ltd, for cheating and misappropriation of funds.

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The official added that a complaint was received wherein the complainant claimed that he and some other people had executed five agreements with the company and its director Rahul and had invested the amount of Rs 3, 20, 00,000 through various modes of payment in lieu of higher returns.

However, they did not receive the promised returns and on pressurising the company, provided them cheques which could not be encashed due to insufficient funds, and they felt cheated, Sidhu said.

Based on the complaint, a case was registered and Rahul was apprehended.

During the investigation, it was found that the accused induced the victims on the assurance that they would get 20-30 per cent returns per month as their invested money would be further invested in a project being developed by L&T at Khurja, UP.

He even showed the victims fake work orders that he had obtained in the same project. He got amounts from victims in the name of investments and duped their hard earned money and till now, 18 victims have been identified, who were cheated by accused Rahul, the DCP added.

Moreover, another person was apprehended who was working as Chief Managing Director (CMD) of one company and involved in cheating a Non-Banking Financial Company (NBFC) for obtaining a loan on the basis of fictitious sale of a commercial unit in a Gurugram Mall.