Lured with promise of high interest rates,trader duped of Rs 8 crore

A Delhi-based businessman was allegedly duped of Rs 8 crore by four Punjab-based businessmen,who lured him into investing in jewellery with promise of high interest rates,police said.

Written by Express News Service | New Delhi | Published:July 3, 2013 1:54 am

A Delhi-based businessman was allegedly duped of Rs 8 crore by four Punjab-based businessmen,who lured him into investing in jewellery with promise of high interest rates,police said.

The matter was reported after Yogesh Singh (42),the complainant in the case,told police that the accused,who deal in sale of old Indian jewellery to foreign nationals in Punjab,duped him. Following the complaint,a case at Farsh Bazar police station,East Delhi,was registered.

According to the complainant,the accused,identified as Sunny Arora,R K Misra and Jarnail Singh,met Singh through one Amit,also a businessman,in Jalandhar and the five became good friends. They later started discussing business.

“During their conversation,Amit asked Singh if he knows someone who could arrange old gold jewelery,gold biscuits and diamonds for him. Singh said that he could arrange the same for him,” police said. The four struck a deal. Amit told him that he would give him a commission of .75 per cent and after receiving the delivery,they would give him the token amount of Rs 10 lakh. Singh agreed and arranged for the articles including gold jewellery,coins,diamonds worth Rs 8 crore. “The victim delivered the articles but did not receive the token amount promised. When he tried to contact the accused their phones were not reachable,” police said.

Mobile phones of all the accused have been switched off since the incident and they are absconding. The police have formed special teams to nab the accused.

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