New Delhi, November 20, 2018 : .The Economic Offences Wing at Delhi Police arrested Dhirender Gaga, Director of a private company, for allegedly cheating innocent victims with high returns on investments, according to a police officer. The official stated that the complaint was filed jointly by Ann Powell, 10 other complainants, and Fairwealth Financial Services Ltd.Directors, Dhirender Gaba and Naveen Gaba and Nipun Gaba respectively.
These people, claiming various lies, enticed the complainants to put money into their company under false pretenses of guaranteed returns of between 12 and 16.5 percent per year.The promise of a quarterly return on interest was made.
The complainants believed the Company’s directors to be real and invested Rs 3.72 Crore.To secure their investment, the private company issued PDCs and post-dated cheques.
On presentation, the PDCs issued to complainants in support of their investment were not honored.
The police investigated the case and obtained the bank statements of both the victims and the accused.
These revealed that money had been transferred to the accounts of the fraud firm from victims.
According to the Reserve Bank of India, the alleged company was not properly registered as a Non Banking Financial Company.
The RBI considers this a non-banking financial company (NBFC).Public deposits are not allowed.
In view of the seriousness of the case, four officers were formed and arrested to arrest the suspect.
It was later revealed that co-accused conspired with others to lure investors into their companies by falsely claiming they had NBFC registrations with RBI and assured returns.
The police officer added that further investigation was ongoing in this case.
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