NEW DELHI, Feb. 21 -- The Economic Offences Wing (EOW) of the Delhi Police has arrested a 55-year-old man for luring victims into investing in a Ponzi scheme. The police were informed about the fraud through a complaint registered at the Economic Offences Wing of the Delhi Police.
The accused has been identified as Inderjeet Singh (55), a resident of Mahendra Park, Jahangirpuri, Delhi.
According to the police, the accused Singh was accused of running a Ponzi scheme under the guise of investment firms, cheating multiple victims of approximately Rs 80 lakh.
The case, registered under an FIR at EOW, was initiated based on a complaint by Manmeet Singh.
The complainant alleged that Inderjeet Singh lured him and others into investing in fraudulent schemes under the names "Apex International" and "Creative Holiday India," promising to double their money within a year.
However, once the maturity date arrived, Singh failed to return the funds and went into hiding. At least 65 victims have come forward with similar complaints.
During the investigation, authorities discovered that Singh had been operating the Ponzi scheme for an extended period.
He issued fraudulent receipts, personally signed, to assure investors of their deposits. However, no actual investments were made, and the funds were misappropriated.
The victims, convinced by his false promises, further encouraged their relatives and acquaintances to invest, leading to an expanding financial fraud network.
Following sustained efforts by EOW officers, Singh was apprehended on February 15 and remanded to police custody.
Investigators are tracing misappropriated funds and identifying more victims. Inderjeet Singh, previously implicated in a rape case, is out on bail. Born in Punjab, he moved to Delhi in 1986, graduated from DU, and worked as a taxi driver before turning to fraud. Authorities urge more victims to come forward.
Published by HT Digital Content Services with permission from Millennium Post.