A 24-year-old man was arrested here on Monday for allegedly cheating people on the pretext of ensure a hefty earning to them by renting out their cars to five star hotels, police said.
The accused has been identified as Suraj Singh, they said.
On August 14, a case was registered at the Gandhi Nagar police station, in which the complainant alleged that Suraj Singh, claiming to be a tour and travels operator, lured him to give his car to his firm and assured hefty returns, police said.
On his assurance, he gave him a car a year and half ago.
Later, he gave Singh several cars.
Initially, he was paid some money, but for the past seven to eight months, Singh stopped paying him, police said.
On August 5, Singh allegedly fled with all the vehicles and other valuables.
He had duped over 50 people, police said.
"During investigation, police arrested Singh from near Anand Vihar on Sunday, from where he was planning to go to Mumbai. Rupee 2 lakh in cash and jewellery worth Rs 8 lakh was recovered from him," said Ram Gopal Naik, Deputy Commissioner of Police (Crime).
Interrogation revealed that Singh, along with Bilal Khan and Mehboob, residents of Seemapuri, had hatched a plan to cheat people.
In January 2018, they started a tour and travels office at Sahibabad in UP, the DCP said.
Singh launched a scheme that they would rent out cars in five stars hotels and invite people to invest in it, police said.
Initially, he made payments to the investors to develop faith.
He again took some money from the investors on the fake assurance that they were buying more cars in their name, police said.
Later, it was revealed that he sold all cars and fled away. He was planning to settle in Mumbai with the booty, they added.
Disclaimer: No Business Standard Journalist was involved in creation of this content
