The Economic Offences Wing (EOW) of the Delhi Police arrested two people for allegedly participating in fraud and cheating crimes. The two are charged with starting phoney investment schemes under the guise of funding dairy projects through the company Pratistha Bazaar Pvt. Ltd.
According to the EOW, the accused cheated 44 people out of a total of Rs 1.5 crore, and additional victims could come forward. Additionally, the organisation was not registered as a non-banking financial company with the Reserve Bank of India (RBI).
Rajeev Kumar Sharma, 47, a resident of Ram Ganga Vihar in Moradabad, Uttar Pradesh, and Kundan Sharma, 30, a resident of Muradabad’s Nand Colony, have been identified as the accused.
The Money Circulation Schemes (Banning) Act and the Reserve Bank of India Act were both invoked after the duo was arrested by police.
Following the filing of 14 complaints with allegations against Pratistha Bazaar Pvt. Ltd., the EOW took action. According to the complaint, the accused started a Ponzi scheme in which investors were persuaded to contribute or invest a specific amount based on false promises to sway gullible investors.
According to the authorities, the majority of the money was invested in cash, and no agreement was made in this regard other than to give investors cash receipts. Initial returns were given to the complainants in instalments in accordance with business plans, but later payments ceased. When the complainants approached the business, they found that the owner had used the funds for their own purposes and that the company office was closed.
‘Now the total number of complainants in the case has been increased to 44 and the cheating amount has been increased to Rs 1,51,38,000,’ the EOW stated.
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