NEW DELHI: Three men were arrested for allegedly cheating over 100 people of approximately Rs 7 crore on the pretext of providing higher returns by investing in the business of fisheries, floriculture and plantation of medical trees, said police.
The accused — Rajesh Kumar Laura (45), Ravi (28) and Gajanand Kaushik (41) — misappropriated around Rs 7 crore from 135 victims, they said. Accused Laura is the kingpin of the alleged scam. He mobilized the investors in collusion with his associates, police said.
According to the police, one of the victim reported that on the allurement of the accused, he invested money in the partnership firm on the pretext that invested money will be used for the business of fisheries, floriculture and plantation of medicinal trees.
The accused promised him of high returns in short time span and told the prospective investors that the end product will be sold in foreign countries, which would fetch them high returns, police said.
Additional Commissioner of Police (Economic Offences Wing) RK Singh said the complainant invested a sum of Rs 52 lakh in the alleged firm, but it failed to deliver returns as promised and later the accused closed their business overnight and ran away.