LUCKNOW: The Uttar Pradesh Special Task Force (STF) on Saturday arrested a director of a multi-level marketing firm was arrested in Vibhuti Khand area for allegedly swindling over ₹ 100 crore from gullible investors on the pretext of returning them fixed monthly amount through investment in a motorcycle taxi company. The STF officials said he was wanted in multiple cases of fraud registered against the firm.
Superintendent of police (SP) of STF Lucknow RN Mishra said the accused Nikhil Kushwaha was director in two firms—Ozone Infinity World Agro and Hellor Ride Infinity World Infra Ventures Limited and the offices were in Cyber Heights building in Vibhuti Khand. He said other office-bearers in the two firms were Abhay Kushwaha, Neelam Verma, Azam Siddiqui and Shakeel Ahmad.
He said they all basically dealt in real estate but of late they lured people to invest in their motorcycle taxi firm and earn fixed amount of around Rs 9,582 per month. He said they promised the monthly income for around one year on investing an amount equivalent to the cost of one motorcycle. He said they gradually managed to collect investment of ₹ 100 crore in the past few years.
The SP said the investors started approaching the police after feeling cheated when the company did not make the promised monthly amount and even did not return the amount invested. He said at least 19 cases had been registered with Vibhuti Khand police against the authorities of the two firms.
{{/usCountry}}The SP said the investors started approaching the police after feeling cheated when the company did not make the promised monthly amount and even did not return the amount invested. He said at least 19 cases had been registered with Vibhuti Khand police against the authorities of the two firms.
{{/usCountry}}He said earlier, another director Abhay Kushwaha was arrested in March this year but was bailed out later. He said Abhay and his other associates Nikhil Kushwaha were untraceable since then following which search was on. Nikhil was arrested near PICUP building when he came there to meeting one of his aides, he said.