The Hindu : New Delhi News : Two held for duping investors

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Sunday, Jul 12, 2009
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New Delhi

Two held for duping investors

Ashok Kumar

Both are directors of B.K. Jewellers company

NEW DELHI: Two persons have been arrested by the Economic Offences Wing of the Delhi police for allegedly duping a large number of people by offering investment schemes with high returns.

The police claim to have received more than 150 complaints of cheating against these accused.

According to the police, Chetan Malik (25) and Rajesh Malik (40), both directors of B.K. Jewellers House Marketing Private Limited company, offered investment schemes in three different categories -- silver, gold and platinum. Those investing in the silver category had to pay Rs.3,533 or Rs.13,444. The investment limit for the gold and platinum categories was Rs.68,216 and Rs.3,36,738 respectively.

The company used to conduct seminars and conferences at their office premises in Tilak Nagar to attract more investors and also offered commission to existing members for bringing in more investors to its fold. The investors were allegedly promised returns ranging from Rs.26,000 to Rs.26 lakh per annum on an investment of Rs.13,444 depending on the growth of the company.

The police said the accused also had a large number of dummy investors to siphon off the company’s money.

The directors of the company, they said, had been evading arrest for over two months.

The two surrendered before the police on Friday after a great deal of pressure was mounted on them.

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