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Delhi Police has unearthed a major investment fraud involving a whopping Rs 980 crore (Rs 9.8 billion) and arrested three directors of a company and an assistant sub-inspector of Police for allegedly cheating about 200,000 people across the country.
The accused Amrit Lal Syal (77), Neena Syal (47), Pamila Syal, directors of two non-banking finance companies Golden Forest India Ltd and Golden Project Ltd, were arrested following a complaint by an investor, deputy commissioner of Police (economic offences wing) Dinesh Bhatt said.
The companies, with headquarters in Chandigarh and branches all over the country, would invite investments from gullible people offering tempting returns of 10 times the amount invested 10 years later, he said.
The accused had purchased around 12,000 bighas of land in Ambala, Dehradun and some other places and issued a receipt-cum-allotment letter in favour of each investor showing that he has been made co-owner of the big land holding, the DCP said.
The terms and conditions for investments were too complicated to be comprehensible.
The companies had appointed thousands of agents all over the country to rope in investors, he said, adding Delhi Police ASI Raj Pal Singh was engaged for the task in the capital.