A 56-year-old man was arrested on Wednesday for allegedly inducing people to give money as loan to be returned at an exorbitant rate of interest against postdated cheques as security, police said.
The accused has been identified as Pawan Kumar Verma, who was running a jewellery shop in Vasant Kunj.
He took money in the form of cash/cheque/gold coins/gold jewellery etc at prevailing rate of gold and cheated a large no victims, police said. A case under Sections 406 and 420 of the Indian Penal Code has been registered against the accused.
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