Man cheats investors of Rs 800 cr in ponzi plan across India, held
delhi Updated: Jun 01, 2016 11:13 IST
NEW DELHI: A man accused of duping investors of Rs 800 crore in a ponzi scheme has been arrested.
The accused, Mukesh Baghel, allegedly lured people to invest money in recurring or fixed deposit schemes of his company, BPN Real Estate Company.
As many as 20 complaints are registered against Baghel at the Hauz Khas police station.
Baghel was arrested following a tip-off by one Naresh Kumar. Kumar said he knew Baghel was a conman who had duped several people across the country. He alerted the police that complaints against Baghel and his associates had been registered in many cases.
According to the police, Naresh informed them that an FIR had been registered against him in Korba district, Chhattisgarh in February. Based on Kumar’s information, police arrested Mukesh from his hideout in Hauz Khas on May 28. Deputy Commissioner of Police (South) Ishwar Singh said 15-20 victims of Mukesh’s fraud have approached them since his arrest.
A team from Paali police station, Chhattisgarh, reached Hauz Khas police station after Mukesh’s arrest. Police said Mukesh founded BPN Real Estate in 2007. He opened 30 branches of the company across the country and appointed eight directors. Mukesh and his associates lured victims promising handsome returns on their investments.
The police said in 2009 the name of the company was changed to Sunshine Infra Build Corporation Ltd, and all the cash and data was transferred to it.
In 2013, however, Mukesh, along with the directors of the company reportedly escaped with the money of the investors. As many as five cases had been filed against Mukesh and his company in Chhattigarh and Madhya Pradesh.
The Chhattisgarh police have sought transit remand to take Mukesh there and question him.