Nine persons booked for duping man of Rs 52 lakh in wealth management fraud

Noida: Nine persons were booked for allegedly duping a businessman of ₹52 lakh on the pretext of investment in a city-based company. All the suspects are on the

Noida: Nine persons were booked for allegedly duping a businessman of ₹52 lakh on the pretext of investment in a city-based company. All the suspects are on the run, the police said.

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The victim, Anil Kumar, filed a complaint at Sector 20 police station on Saturday.

In his complaint, Kumar, a resident of Delhi, said that he had met two of the suspects — Mahendra Verma and his brother Sunil Verma — of a wealth management firm two years ago in Delhi. “The duo ran a wealth management company in Noida Sector 18. They informed me that the company deals in online trading and investment, which yields high returns,” the victim said in the complaint.

Kumar said that he believed the suspects and invested ₹52 lakh in five transactions. The victim said that he had also taken some money from his father and invested in the company. Later, he visited the company’s Noida office and met some other staff members, the police said.

Kumar said that later he came to know that the company dealt in foreign exchange of currencies and his money was diverted. “I suspected foul play and demanded my money back. In November 2018, they returned ₹1 lakh and ₹55,000 in two transactions, and promised that the rest money will be returned soon,” he said.

The victim said that recently he got to know that the suspects had shut the company and fled. “I suspect these people are involved in illegal activities. They have cheated a number of people on pretext of good returns,” he said in the complaint.

Rajveer Singh Chauhan, station house officer, Sector 20 police station, said that based on his complaint, a case has been registered under sections 420 (cheating), 406 (criminal breach of trust), and 120-B (criminal conspiracy) of IPC against nine persons. “We have registered a case and investigating the matter. All the accused are on the run,” he said.