A man was arrested from the Jaipur airport for duping a person of Rs 70 crore by issuing bogus contracts after getting investment from him into a company, police said on Monday.
The accused, identified as R L Kabra, is a resident of Mumbai, they said.
On December 6, a case was registered on the complaint of one Ashish Begwani, where he alleged that in August 2010, he was approached by Ravi Parthasarthy, Hari Shankaran, and K Ramchand, all directors of the company, police said.
Allured by their promises, Begwani agreed to invest Rs 170 crore into the company in order to get 15 per cent shares in it for Gurgaon Metro project, a senior police officer said.
However, over a period of time, the complainant noticed that the company was not performing profitably and funds were being misused.
In May 2018, he came across the copies of demand notices served by Income Tax Department that the company had issued bogus contract orders to another when no work was executed by it, the officer said.
"During investigation, Kabra was apprehended at the Jaipur airport and it was found that the accused had intentionally siphoned off Rs 70 crore of the company," Additional Commissioner of Police (EOW) OP Mishra said.
Efforts are being made to arrest the other accused, police said.
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