National

MASTERMIND CHEAT OF MORE THAN 500 WITH CRORES OF RUPEES IN VARIOUS PONZI SCHEMES ARRESTED.

September 06, 2019 11:27 PM

New Delhi (Face2News)

Delhi Police Economic Offences Wing reported to have arrested Sanjeev Kumar, Proprietor M/s Sai Finance from Ghaziabad on Friday in Case FIR No. 79/18 dt. 03.04.18 U/s 406/420/120B IPC & 4/5 PCMC Act by a team led by SI Pawan Kumar, D-4297 & SI Shikhar D-4669 under the immediate supervision of ACP Sh. Virender Singh, under overall supervision of Ms. Varsha Sharma DCP/EOW .

The accused along with other co-accused had induced the public at large to invest in their different Ponzi Schemes and usurped the money obtained from the investors. The initial investigation started on the basis of complaints filed by few victims. The preliminary interrogation of the accused has revealed that he has cheated approximately more than 500 victims under various schemes involving crores of rupees. Dr. O.P.Mishra, IPS,Addl.

Commissioner of Police,Economic Offences Wing,Delhi Police said, accused firstly started committee business where in several peoples have invested. The investment was returned as per commitments and thereafter goodwill trust/faith developed between the accused and the victims.• After developing trust, he opened business of prize chit and money circulations wherein schemes have been launched projecting lucrative benefits to investors.
He started one scheme of 100 members, wherein each member has to contribute Rs 5000/-. After contribution for five months, lucky draw was opened in 6th month wherein lucky draw member was gifted with either Nano car or Rs 1.2 Lakh cash.

After that, every month draw was to be opened and members would begetting cash prize of Rs 50,000/-, 60,000/-,70,000/-, 80,000/- & 90,000/-till 99 months.
He started another scheme of 500 members, wherein each member has to contribute Rs 2000/-. In this scheme lucky draw was opened every month wherein lucky draw member was gifted with Rs 50,000/- cash. Also every month 10 motivational draw was opened and each member was gifted Rs 2000/- each.
The accused was produced in the court t and has been remanded to three days police remand. Further investigation of the case is in progress.

EVEN THE FIRM WAS NOT REGISTERED

Accused Sanjeev Kumar was born on 04.03.1982 at Village -Rathora, PS Chaproli, District-Baghpat (U.P.). He did his schooling 10th & 12thfrom open school and his graduation from IGNOU. He worked as data entry operator in Ministry of fertilizer from Oct, 2005 till March, 2015.• He started inducing victim for investment in form of committees in 2009-10. • Friends,neighbors’ and his office staff had started investing in his committee. He also started financing at the rate of 3% to public at large. * M/sSai Finance firm was opened in 2009-10.* The objective of firm was to provide lucrative benefits to investors.* He was the sole proprietor of said firm, however the said firm was no where registered.

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