The Economic Offences Wing (EOW) of Delhi Police arrested the president of a co-operative society on Tuesday for duping gullible investors under the pretext of high returns.
[Representational Photo : iStock]
The Economic Offences Wing (EOW) of Delhi Police arrested the president of a co-operative society on Tuesday for duping gullible investors under the pretext of high returns.
“Till now, 45 victims have joined the police investigation, and the fraud amounts to approximately Rs 3.05 crore, which is expected to increase as more victims are likely to come forward,” said a police official.
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The fraudster, Vinay Kumar, dishonestly induced the victims to invest their money in the society’s schemes with the promise of high future profits. After collecting deposits from the public, he misused the funds for his personal gain.
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His primary targets were daily wage labourers, to whom he sold the dream of becoming rich in a short period, added the police official.
According to the police, Kumar had previously worked as a branch in-charge of a company that collected deposits from the public under the guise of investment schemes.
After learning this, he started his own society, and in his capacity as president, he began duping individuals of crores of rupees.
The police arrested Kumar at a hideout in Jalpaiguri district of West Bengal and are currently searching for more victims of the fraud.
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