Woman, son arrested for duping people in name of 'higher returns' | delhi | Hindustan Times
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Woman, son arrested for duping people in name of 'higher returns'

delhi Updated: Feb 08, 2011 22:41 IST
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A 63-year-old woman and her son were arrested in the Capital for allegedly duping a several people of their money by promising them high rate of interest on investments under various schemes run by their companies, the police said on Tuesday.

The arrested have been identified as Kitabun Nisha and her son Anwar Azad, 36. They were apprehended on Monday following investigations into complaints filed by victims — as early as 2007 — who claimed that they lost money.

The mother-son duo had floated two companies — Shresthapriya Finance and Investment Ltd having office at Shakarpur and Popular Savinvest Ltd, Laxmi Nagar — in 1990 and 1996 respectively.

"They had lured general public to invest in the schemes floated by the said companies through their agents as well as by advertising in newspapers," a senior police official said.

The accused offered very high rates of interest within three to five years against monthly investment of the investors. The investments were of Rs 100, Rs 200 and Rs 300 on monthly basis.

"Against the investment of Rs 300 per month, the company promised to return Rs 24,000 on the maturity of the schemes (endowment plans).

However, the accused companies did not return the promised amount to the investors and fled away with the collected money after closing their offices.