Begin typing your search above and press return to search.

Carpenter held for duping people of crores in Delhi

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  22 March 2015 12:00 AM GMT

New Delhi, March 21: A 34-year-old carpenter has been arrested for cheating thousands of people of crores of rupees by luring them to invest in a ponzi scheme in 2008 promising hefty returns in a short period, the police said on Saturday.

Satm Singh was arrested on Friday when a team of Delhi Police’s Economic Offences Wing (EOW) tracked a bank account being operated by him. This led them to his current address in Chandigarh.

Singh, who is a carpenter by profession, had targeted thousands of small depositors in 2008 by offering them schemes with small initial deposit of Rs. 300, Rs. 1,500, and Rs. 12,000 in his company NGP private limited.

Police said that he had started his company in Delhi in February 2008 and till the end of August 2008 had collected more than Rs. 1.5 crores from thousands of victims before disappearing.

“A case of cheating was registered against Satm Singh in 2008, and he was absconding since then,” said Deputy Commissioner of Police (EOW), Rajneesh Garg told IANS.

Next Story