Man held for duping people over investment fraud

PTI, Sep 22, 2022, 4:43 PM IST

A 36-year-old man was arrested for allegedly duping senior citizens by inducing them to invest in commercial housing projects, police said on Thursday.

Nitin Jain, a resident of Rohini in north Delhi, was arrested on charges of duping a senior citizen of Rs 11 crore. He was nabbed on Tuesday, the police said.

A case was registered by the Economic Offences Wing following a complaint by a Kalkaji resident, who alleged that he had booked various units in the alleged ‘Trinity’ and ‘Maheswara’ projects, claimed to be launched by Raheja Developers Ltd at Sector-84 in Gurugram, Haryana, through Jain. Jain had claimed to be the authorised channel partner of the alleged company, the police added.

The accused induced the victim on the pretext of providing a higher buyback value for his unit in the company’s alleged ‘Sampada’ project. The victim deposited Rs 11.50 crore in Jain’s personal account and that of his company ‘Adinath Associates’. Later, the alleged developer cancelled the victim’s booking. The cheques Jain gave to return the money to the victim were dishonoured on presentation, the police added.

The accused also provided to the victim various letters from government entities to prove the authenticity of the projects. The documents were later found to be forgeries. The victim also did not receive investment-related documents from Jain, the police said.

Special Commissioner of Police (EOW) Ravindra Singh Yadav said the victim paid Rs 75,20,000 to Raheja Developers through cheques for the ‘Trinity’ project. He also paid an additional Rs 6,91,83,150 to Jain.

“Complainant now suspects that these payments have either been misappropriated or have been siphoned off by the alleged persons,” Singh said.

During the investigation, the police collected documents from the victim and placed those on file. Details of the bank transactions were obtained from the banks and it was found that the amount was transferred to the account of ‘Adinath Associates’ and Jain’s personal account, he said.