Delhiites duped of Rs 202 cr this year | delhi | Hindustan Times
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Delhiites duped of Rs 202 cr this year

The stock market crash in November seems to have spurred on cheats in the city. In the first six months this year, over 202 cases of cheating and fraud were reported.

delhi Updated: Jun 21, 2009 23:34 IST
Vijaita Singh

The stock market crash in November seems to have spurred on cheats in the city.

In the first six months this year, over 202 cases of cheating and fraud were reported.

The Economic Offences Wing (EOW) of Delhi Police has registered 202 cases of cheating and fraud this year, compared to 124 cases in the corresponding period last year.

Delhiites were cumulatively cheated of Rs 202 crore at least, going by the fact that the EOW investigates cases only above Rs 1 crore or more.

A 62 per cent surge in cheating cases has been reported in 2009.

The total number of cases registered in 2008 stood at 331.

“Incidents of cheating have always been there in Delhi. This year, there have been a cluster of cases where multiple victims were affected,” said Amulya Patnaik, joint commissioner of police (crime).

Police said this year they have already received 3,000 complaints pertaining to white collar crimes. “While not all of them were found fit to be criminal cases most of them were civil disputes,” said the officer.

Police said this year there was a surge in the number of cheating cases as several financial firms that promised high returns riding on the healthy stock market till last year went bust due to the market crash.

These firms that gambled with investors money in the stock market and promised them higher returns could not do so anymore due to the global meltdown, shut shop and fled with people's money, police said.

On June 12, EOW registered a case against the owners of a famous chain of jewellery stores — BK Jewellers — for allegedly duping more than 300 people to the tune of crores of rupees in Hari Nagar area of west Delhi.

The owners of the jewellery store had allegedly banked on the goodwill of the company generated over the years and cheated several people after promising them higher returns on the amount invested by them.

“We are starting an educative campaign requesting people not to invest money in companies promising high returns. We urge people to verify the credentials of the company before investing money,” said the officer.