Two directors of a Delhi-based chain of jewellery stores, who reportedly duped more than 150 people of several crores by promising them lucrative returns on their investments, surrendered before police on Friday.
Chetan Malik (25) and Rajesh Malik (40), whose family owns the stores, were arrested and produced before a city court on Saturday.
Banking on the goodwill of their parent company the two accused had floated a finance company where they offered huge returns on investments.
“If someone invested Rs 13,444 he was promised returns varying from Rs 26,000 to Rs 26 lakh in a span of 12 months, depending upon the growth of the company, said Amulya Patnaik, joint commissioner of police (Crime).
“The investors were even provided commissions for bringing in more people,” he added.
On June 12, Delhi Police’s Economic Offences Wing had registered a case against the two for allegedly duping people of crores of rupees in Hari Nagar area of west Delhi after investors complained they hadn’t been paid.