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Conman,wife arrested for multi-crore fraud

When he left his hometown Rohtak and came to Delhi four years ago,his sole aim was to make it big in life.

Written by Neeraj Chauhan | New Delhi |
June 14, 2009 2:17:59 am

When he left his hometown Rohtak and came to Delhi four years ago,his sole aim was to make it big in life. But he soon realised that the small provision store he had opened in Uttam Nagar would not take him to the desired heights. Around two and a half years ago,Subhash Aggarwal,therefore,opened an office in the name of ‘Stop Loss Commodity Ltd’ in Satya Enclave and struck it rich,making more than a thousand people poorer by lakhs in the process.

The 41-year-old,however,ran out of luck when the people cheated by him approached the Economic Offences Wing (EOW) a few days ago. With the police on his trail,Subhash went into hiding for a while but finally decided to surrender on Friday evening. He was arrested outside the Delhi Police Headquarters at ITO.

According to the police,Subhash was the managing director of the company he started in Outer Delhi after roping in four people — Vijay Deshwal,Rakesh Kumar,Naresh Lakda and Satyapal — whom he made directors. The fifth director was Subhash’s wife Snehlata Aggarwal. Together,they lured people to invest their money in the company and get high returns,said an officer.

Subhash and the others were booked on charges of cheating,forgery and criminal conspiracy. While their four accomplices are yet to be arrested,the Aggarwal couple was produced in a Rohini court on Saturday. Metropolitan Magistrate Vandana Jain sent Subhash to five days’ police custody,while Snehlata was sent in two-day judicial remand.

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The police said most of Subhash’s victims were residents of Aman Vihar,Satya Enclave,Prem Nagar,Mundka,Uttam Nagar and other areas of West and Outer Delhi. Explaining his modus operandi,an officer said: “He promised he would return the money with an interest of 6 to 10 per cent in a very short time. He also said he could double the money by investing it in the share market.” Subhash was reportedly a sub-broker initially and later took up brokership of various commodities exchanges. “He collected several crores from people in two and a half years and played satta (betting). He either lost the money or invested in properties for himself,” the officer added.

The police said while they had come across more than 250 such victims till now,five to six complainants were pouring in every day and the number might cross the 1,000 mark. He had reportedly taken around Rs 10,000 to Rs 25 lakh from each of the victims,said an officer.

“Subhash gave these people post-dated cheques as returns. He returned money to a few,but by taking the amount from others,” he added. The four directors and a few others who worked as agents were given a share from the booty.

Preliminary investigations put the cheated amount at over Rs 50 crore. The police said the figure,as also the number of victims,might go up,saying there might be several people who had invested their “black money” and were not lodging a complaint. They said the cheated amount might be in the region of Rs 100 crore. “We have come to know that one person had given Rs 20 crore to him,” said an officer,adding that Subhash had a previous case of cheating registered against him.

The EOW recovered Rs 1.1 lakh in cash from Subhash when he was arrested. It has also traced 15-odd bank accounts,four properties purchased by him in Satya Enclave,several cars,documents related to forgery and of company and three offices in Delhi,Rohtak and Panchkula.

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