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Bizman,wife arrested for duping investors

A businessman and his wife,who were on the run,were arrested for allegedly duping a large number of denizens of crores of rupees after promising them enhanced returns for their investments,police said.

Written by Agencies | New Delhi |
June 13, 2009 4:04:01 pm

A businessman and his wife,who were on the run,were arrested for allegedly duping a large number of denizens of crores of rupees after promising them enhanced returns for their investments,police said.

Subhash Aggarwal,the Managing Director of Stop Loss Commodity Ltd which is operating in the city,and his wife were caught by Delhi Police’s Economic Offences Wing,a senior police official said.

The EOW was investigating complaints against Aggarwal,who lured people into investing Rs 10,000 for which he promised Rs 1,000 as interest every month.

An investigating officer said it was believed that he gathered around Rs 500 crore to Rs 1,000 crore from investors across the capital. “However,this claim is yet to be verified,” the official said.

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Aggarwal,who hails from Rohtak and came to the capital four years ago,was settled in Aman Vihar area and a number of people had approached police after being duped by him. He started the firm where one Naresh Lapada was a director.

The official said he also invested crores in property with the help of one Satpal,a property dealer. “He built an empire of his own,” he said.

The official said he sought fixed deposits and gave post dated cheques to all investors to gain their confidence.

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