New Delhi   

Fake chit fund busted, 4 held

New Delhi: Four persons have been arrested here on charges of cheating several persons of lakhs of rupees by offering them loans in the name of a fictitious private financing agency. The arrests were made after Delhi Police got a complaint against one Praveen Sharma, who allegedly gave advertisements in newspapers in Karnataka offering to provide loans against collateral security.

According to police, one Moiz Nomani complained that he gave Rs 50 lakh as membership fee to Sharma on behalf of 50 persons after he promised to give them loans to the tune of Rs 2.5 crore. Nomani, a commission agent residing in Bangalore, said Sharma vanished in thin air after issuing a cheque for Rs 2.5 crore which could not be encashed.

During investigation, it was found that Sharma had given advertisements in local newspapers in Karnataka, Jharkhand and Maharashtra in the name of `Pick-up Finances', a fake firm floated by him. Further investigation led to the arrest of Sharmaand his associates Anil Sehgal, Sanjay Goel and Ashok Gupta. -- PTI

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