The Economic offences wing (EOW) of the Delhi Police has arrested the director of a private company, accused of cheating over 600 people to the tune of Rs. 5 crores. The accused was involved in a Ponzi scheme and cheated victims by making them invest in their enterprise for good return.
The accused identified as Devendra Kumar, 47, a resident of Mau District, Uttar Pradesh was wanted in a case registered in the year 2019. His two other associates were already arrested in the case earlier.
Special Commissioner of Police, Ravindra Singh Yadav said, several complaints were received by EOW, Delhi Police, against the directors of the BLS Reality Infra India Limited and BLS Co-operation Credit Society located in the Inderlok area of the capital. It was alleged that the directors of both the companies introduced Ponzi schemes like Monthly Income Scheme, Fixed Deposit, Gullak Plan, etc., and assured good returns against the investment in a short span.
Earlier, the company paid returns to its investors to gain their trust, but allegedly it did not pay the matured amounts to the investors.
Further, in the year 2019, the directors of the company shut down their operations and left the office.
A case under relevant sections was registered and investigation was taken up.
During the investigation, it was revealed that BLS Reality Infra India Ltd. was not registered with the RBI as a Non-Banking Financial Company (NBFC), and BLS Co-Operation Credit Society was not authorized by the Registrar of Societies (Central Delhi) to accept public deposits from the general public for various schemes.
Further, it came to notice that the company was incorporated in the year 2012 and that Dharmender Kumar, Ram Janam Bharati, and Devendra Kumar have been the promoters as well as directors of the company.
Accused Dharmender Kumar and Ram Janam Bharti were earlier arrested and charge-sheeted, however, the third accused Devendra Kumar was absconding and was declared a Proclaimed Offender (PO) in the matter. However, he was arrested on September 28 by the team of EOW under the leadership of Joint CP Chhaya Sharma, after continuous raids.