NEW DELHI: Delhi Police have arrested a 24-year-old man for allegedly cheating more than 700 people of around Rs 1.5 crore through a jewellery kitty scheme, officials said on Tuesday.
The Economic Offences Wing registered a case following complaints against Naresh Kumar Verma and his son Aniket Verma, who allegedly operated jewellery kitty societies in Burari.
Police said the accused induced people to deposit Rs 1,000 every month by promising Rs 28,000 or equivalent jewellery after 24 months.
Investigators said the accused collected about Rs 1.5 crore from more than 700 victims through the scheme.
The investigation found that the accused collected cash instalments from members and issued handwritten receipts signed by them, which were later seized from the victims.
Police said both accused fled Delhi after disposing of their properties. Look Out Circulars were issued against them, and the investigation revealed they had shifted to Dubai with their family.
Additional Commissioner of Police (EOW) Ravi Kumar Singh said Aniket Verma was arrested at Surat airport on September 11 after police received information about his detention.
Further investigation is underway to ascertain the total number of victims, the amount collected, the financial trail and the role of other persons.
Police said efforts are on to apprehend co-accused Naresh Kumar Verma, who is currently in Dubai, through legal and diplomatic channels.
The accused, along with his father, had allegedly been running the kitty scheme for 10 to 12 years and cheated around 1,200 people.
