130 people defrauded by ponzi scheme in Delhi

Delhi police have arrested a man who allegedly cheated more than 130 people of nearly Rs 5 crore by promising them a monthly return of 200 per cent on their investment through a ponzi scheme, officials said Wednesday.

The Economic Offence Wing arrested Arun Agnihotri, 38, a resident of West Sant Nagar, who ran the company Great India Expo' with his friend Sanjeev Upadhyay.

Police are looking for Upadhyay, who is on the run. Together, they have defrauded more than 130 people, a police official said. They would ask people to invest in the scheme at seminars at luxury hotels across Delhi, promising them to pay double the amount invested every month for 18 months. After collecting a huge amount, the accused shut their offices, the official said.

"During investigation, police got a tip regarding the presence of the accused in Sant Nagar, north Delhi, and arrest him from there, Joint Commissioner of Police (EOW) O P Mishra said.

The approximate amount invested by the complainants who have come to the EOW so far is around Rs five crore, police said.