By IANS
New Delhi : A man was arrested here on the charge of duping several investors who deposited around Rs.6 million in his firm over the past five years in the hope of getting higher interest rates, police said Monday.
The Economic Offences' Wing of Delhi Police arrested Satya Nand Arya, 61, Thursday from his office in Paharganj in central Delhi on the charge of cheating at least 15 people.
He allegedly duped investors by promising 18 percent monthly interest on the money deposited by them in his company Economic Transport Organisation.
He never returned the invested amount and investigations were carried out after a complaint of cheating was filed against him in October 2005, police said.
"During investigations it was revealed that Arya took money from people but never gave any receipts. He used to sign at the back of his visiting card saying that the money had been received and interest would be paid as per the scheme," said Deputy Commissioner of Police Prabhakar.
According to Prabhakar, Arya stopped paying interest money to investors after paying the sum for a few months and suddenly disappeared. When people managed to contact him, he refused to recognise them. "He even denied accepting money from them," Prabhakar said.
Arya will be in police custody for five days and further investigations are underway, Prabhakar added.