A 41-year-old man,director of a multi-level marketing company,was arrested by the Economic Offences Wing of the Delhi Police for allegedly duping over 11,000 people of Rs 20 crore by offering plots of land in Rajasthan.
Manish Goel was apprehended Tuesday following investigations into allegations that Cosy Marketing Pvt Ltd cheated people by offering plots in Rajasthans Pushkar S D Mishra,Deputy Commissioner of Police (EOW),said.
Last year,the company organised many seminars in Delhi,Haryana,Rajasthan and UP about a real estate project. The firm said a member could get a plot of 100 sqm in Pushkar for Rs 41,000.
For this plot,a member had to deposit Rs 11,000 at the time of obtaining membership of the scheme and the remaining money was to be deposited in 15 instalments of Rs 2,000 per month. Till date,more than 11,000 persons have invested in this scheme, Mishra said.
The company,which is into multi-level marketing,had collected money from the public and paid its members a commission for referring new members to the scheme,police said.
The company had acquired some agricultural land near Pushkar and photographs were shown to the investors to induce them to invest in the scheme,falsely promising that a township was coming up there.
The company reportedly allotted plots to a few members,but it did not fulfil its promise in most cases since the whole scheme was a farce. The company only had a limited piece of land,that too agricultural,grossly insufficient to allot plots to the huge number of members. There were no sanctions of a township and the money generated from the public was circulated to pay commissions to earlier members,in a bid to lure more customers. The company,in this way,cheated members of their investment, Mishra said.
Efforts are on to trace Manish Goels brother Rakesh,who is the mastermind, Mishra said.