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Six alleged cheats arrested

Staff Reporter

NEW DELHI: : With the arrest of six people, including three women, the Economic Offences Wing of the Crime Branch of Delhi police claim to have unearthed a racket whereby innocent individuals were being allegedly cheated by the accused on the pretext of doubling their investments and deposits within 40 months and through which people had been cheated of Rs 80 lakhs so far.

The police said the victims had reported that M/s Ronnie finance Limited at 104 Kundan Bhawan, Commercial Complex, Azadpur had allured them to invest in their company and assured to return double the amount in 40 months and also issued them cash certificates. However, on maturity of the cash certificates, neither the maturity sum nor the principal amount was returned.

Enquiries by the police revealed that the company had been opened in 1991 with the object of receiving deposits from innocent individuals on the fake assurances of refund of money with higher premium than the banks and other financial institutions. Mostly old and retired people had deposited money in the firm in the hope of getting better returns.

The police said the three men arrested in the case, Rai Singh Rana, Bhagirath Dabas and Mahavir Prasad Gupta were all teachers in government schools of Delhi. Alongwith their wives, Anita Rana, Kaushalya Dabas and Krishna Bansal respectively, they had taken deposits from around 20 victims who had invested about Rs 80 lakh with them.

The police said investigations with the Registrar of Companies revealed that the three accused women - who have also been arrested - had been made directors of the company since the teachers being government servants were not permitted to indulge in any private business or trade.

Stating that the rate of interest offered by the company was deliberately kept higher to lure the general public, the police said when the investors had started chasing the accused, they closed the officers and went underground.

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