Film producer held for fraudUpdated: Aug 02, 2020 23:13 IST
New Delhi: Delhi police’s economic offences wing (EOW) on Sunday said they arrested a Bollywood producer for allegedly cheating nearly 100 people by promising them good returns in an investment scheme.
At least 88 complaints have been received so far against the person named Chanderkant Sharma, seniors officers said .
Joint commissioner of police (EOW) OP Mishra said the complainants said they were trapped into a pyramid investment scheme -- a fraudulent system of making money based on recruiting an ever-increasing number of investors -- floated by Sharma through his company, Cine Mirchi Productions Private Limited.
“The directors of the company are Chanderkant Sharma and his wife Neeraj Sharma. Through this company, Sharma produced two movies -- The Great Indian Casino, which has been released, and Lust Wala Love, which is yet to be released. The complainants have alleged that the company lured people with a promise of high returns of more than 70% by investments in entertainment sector and other undefined projects,” Mishra said.
Several bank accounts in Sharma’s name were detected and scrutinised. “A lookout circular was issued against the Sharma to prevent him from fleeing the country but it was learnt he was continuing with the investment schemes and relaunching his fraudulent plan from unidentified locations. This input was developed and we zeroed in on him in Chandigarh and arrested him,” the officer said.
Sharma was also booked under section 506 of the IPC for criminal intimidation because many complainants said he threatened them, he said.
The joint commissioner said Sharma’s modus operandi was to indulge in extensive publicity campaigns of his business. “He used to publish his photographs with leading Bollywood and Hollywood celebrities and actors to lure investors. Complainants said the couple lured investors by announcing they would make one international movie every year. They held seminars and movie launches in luxury hotels in Delhi and Mumbai,” the officer said.
Sharma promised weekly payouts to investors. The approximate amount of money invested by the complainants is approximately Rs 6 crore, he said.
The website of Cine Mirchi Productions Pvt Ltd displays no contact information. A mail sent to the company’s email address found online remained unanswered.