New Delhi, March 23 (IANS) A 42-year-old wanted criminal has been arrested from Noida for allegedly duping people on the pretext of high returns on investing money in his company, an official said on Thursday.
The accused has been identified as Subhash Nagar, a resident of Gautam Budh Nagar in Uttar Pradesh. He was absconding since 2020 in a multi-victim case registered in economic offence Wing (EOW) and a reward of Rs 50,000 was also declared on his arrest.
According to Crime Branch of Delhi police, specific input was received that Subhash, who was wanted in a cheating case, would come near Sector – 8, Noida, following which a trap was laid and the accused was arrested near Jaypee Store in the area.
On interrogation, he disclosed that in the year 2017, he came in contact with one Udit Oberoi, a resident of Ghaziabad, who was arrested earlier, through his cousin Parmod Nagar and to make easy money, all the three started a company namely Swag Production Private Ltd to produce a film.
“Subhash was one of the directors of the said company. The accused used to show documents of the company and ask people to invest in feature films, TV, commercials, shorts films,” said Ravindra Singh Yadav, the Special Commissioner of Police (Crime).
“The accused used to lure people to invest in their company and to get back 2.5 times money in a short span of only one year in installments after every 10 days. They asked the investors to invest money ranging from Rs 11,000 to Rs five lakh,” said the Special CP.
The accused had also developed a software to run this illegal business. “After some time, they stopped paying installments. Thereafter, they assured the investors that the remaining payment would be encashed at the time of presentation of cheques but the same were dishonoured,” said the official.
–IANS
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