Investors duped of Rs 50 crore

The police on Friday arrested three people on charges of duping investors of over Rs 50 crore.

The police on Friday arrested three people on charges of duping investors of over Rs 50 crore.

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According to the police, the group had opened several companies and later ran away with the money invested by thousands of people in Chennai, Bangaluru, Mumbai, Jaipur Delhi, Ghaziabad and Noida. The arrested have been identified as Vipin Rajput, Manish Rajput and Arjun Singh.

However, the two masterminds — Narendra Pal and Deepak Rajput — are still absconding. Both Pal and Rajput are residents of Indirapuram and Vaishali respectively and they operated their business through offices and websites.

The police have revealed that the accused used to travel in executive-class, employed women, booked five-star hotels for their launches and invited dignitaries and film actors for the opening of their offices in big cities to gain public confidence.

The police on Friday arrested Deepak ’s brother Vipin from Vaishali.

The police have issued a list of private firms which were operated by the accused as investment companies, through their websites.

“The investors were offered 40% returns on the invested amount every month for a year, after a lock-in period of 45 days,” said Raghubir Lal, SSP. “A further 4-5% incentive was offered if an investor would persuade his friends to join,” he added.