A father-son duo has been arrested for allegedly duping thousands of investors to the tune of Rs 120 crore by promising them up to 6,000 per cent return for their investments annually, the police said.
"The accused are Bhupinder Pal Singh (55) and his son Gurkaran Singh (25), the owners of Urvashi Jewellers in Rajouri Garden."
"The accused were apprehended from Gopinath Bazar," said Neeraj Thakur, Additional Commissioner of Police (crime).
According to police, the accused were the managing directors of the jewellery showroom and had floated a fraud investment scheme, promising 1,500 to 6,000 per cent returns per annum to their investors.
"They had succeeded in duping thousands of investors to the tune of Rs 120 crore over a period of three years," Thakur said.
The police said the duo had introduced the concept of multi-level marketing in 2007. They subsequently started a company called M/s Pavi Overseas Pvt Ltd and floated an investment scheme named Kanak Dhara.