MBA arrested for duping 900 people of crores through investment scheme

Apr 04, 2014, 09:01 IST | Agencies

Delhi police arrest a man for allegedly duping hundreds of people of crores of rupees through investment schemes run by his company

New Delhi: A 51-year-old man, carrying a reward of Rs 50,000 for allegedly cheating hundreds of people of crores of rupees through investment schemes run by his company, was arrested here, police said today.

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An MBA from Bangalore, S R Nandan alias Ramesh alias Ramesh Babu was arrested on March 29 by the Economic Offences Wing of the Delhi Police which had registered several cases against him, a senior police official said.

"A reward of Rs 50,000 was declared for the felicitation of his arrest. He along with other associates cheated complainants through their company Indus Car and Air Rentals India Ltd and its associated companies," the official said.

A large number of complaints were received by the Economic Offences Wing where the complainants had alleged that the directors of the company had induced them through brochures, newspapers ads, tele-calling and various websites to invest money in their schemes.

The company presented investment schemes by the name Mutual Growth Plans proposing to hike investment of Rs 1,25,000 to Rs 5,45,000 in 5 years with guaranteed return of Rs 8,200 to Rs 36,500 per month.

"The company issued receipts of payments, copy of agreement regarding the investment and post-dated cheques for the repayments. Initially, some of the cheques were honoured and this gave investors confidence," the official said.

However, later the cheques started bouncing. To modify the investment, the company called off the Mutual Growth Plans schemes and asked the investor to settle their investment.

Accordingly, agreements of full and final settlement were signed with the investors and they were given cheques for their invested amount and also interest at the rate of 12 per cent per annum for the period for which the money was invested.

However, when the cheques were presented for clearance, they got dishonoured. "During investigation, it was found that S R Nandan, Vimal Aggarwal, Kamal Kant Kaushik and Ram Kumar Pathak had formed the company which had nominated its franchisees in the different parts of India.

Approximately 900 investors had invested approximately Rs 15 crore in the company. So far, about 150 complaints have been received," the official said.

It has also been found that the company had not obtained the permission from RBI to seek public deposits. Efforts are on to nab other accused in the case, the official said.

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