New Delhi [India], January 8 : The Economic Offences Wing (EOW) of Delhi Police has arrested Rahul Kumar, Director of a private limited company, for his alleged involvement in "inducement and cheating" of multiple victims on the pretext of allegedly providing higher returns in lieu of investments made by them.
The arrest comes after an investigation into allegations of cheating and misappropriation of funds amounting to over Rs 3.2 crore.
According to the police, the case was registered on November 3, 2023, under sections 406, 409, 420, 120B, and 34 of the Indian Penal Code (IPC), following a complaint by Anil Kumar and other victims. The complainant has alleged that Rahul Kumar lured them into investing in his company with the assurance of monthly returns ranging from 20% to 30%.
"Accused person induced the victims on the assurance that they would get 20-30% returns per month as their invested money will be further invested in a project being developed by at Khurja, UP," a release said.
Between July 2021 and May 2022, the victims signed five agreements with the private limited company of the accused and invested a total of Rs 3.2 crore through a combination of online transfers and cash payments.
Despite making investments in the aforesaid company, the investors were left empty-handed. When they pressed Rahul Kumar for repayment, he issued cheques that subsequently bounced due to insufficient funds.
Investigations revealed that Rahul Kumar convinced at least 18 victims by showcasing a fake work order, claiming that their investments were tied to a lucrative project being developed by a prominent company at Khurja, Uttar Pradesh.
"The accused person had shown a fake work order to victims that he had obtained a work order in the same project. He got amounts from victims in the name of investments and duped their hard-earned money. Till now, 18 victims have been identified, who were cheated by accused Rahul Kumar," the release read.
Rahul Kumar, a Bachelor of Computer Applications (BCA) graduate from Meerut, Uttar Pradesh, started the alleged fraudulent company M/s RJ Raghav Krishna Multitasking (OPC) Pvt. Ltd. with its office located in Greater Kailash-II, Delhi.