New Delhi, Nov. 4 -- Three members of a family, including a woman, have been arrested for allegedly cheating 27 investors of around Rs 3 crore by promising to double their money within 20 months through a financial consultancy firm, the Economics Offences Wing said on Wednesday. The accused - Satyanand Yadav (51), a woman (46) and Vikas Yadav (28) - were arrested from Patna in Bihar following an investigation, a statement by the Economics Offences Wing (EOW) read. The case was registered on a complaint by Sushil Kumar Sharma and others. So far, 27 complaints have been received against the accused, the statement read.
According to the EOW, the accused allegedly operated an unregistered financial consultancy firm and lured people into investing their hard-earned money by promising to double their investments within 20 months. "They also offered assured returns at an interest rate of 60 per cent per annum and other lucrative investment schemes. However, the investors neither received the promised returns nor got their principal amounts back," read the statement. During the investigation, the EOW found that substantial amounts had been deposited into the bank accounts of the firm, as well as the personal accounts of the accused. The accused allegedly went absconding after collecting the money and repeatedly changed their addresses to evade arrest. "Non-bailable warrants were subsequently obtained against them, and notices were pasted at their available addresses. A team tracked their location to the Digha police station area in Patna, where they were arrested. They were produced before a court in Patna, and a transit remand was obtained," according to the statement.
Published by HT Digital Content Services with permission from Millennium Post.