Angry victims ransack conman’s house, office in Delhi

June 7th, 2009 - 10:01 pm ICT by IANS  

New Delhi, June 7 (IANS) People allegedly duped by Delhi conman Subhash Aggarwal to the tune of hundreds of crores of rupees with his ‘get-rich-quick’ scam Sunday ransacked the latter’s home and office here, police said.
Aggarwal, who is absconding, is accused of having duped thousands of people with his company Stop Loss Commodity.

“Aggarwal allegedly lured people to invest Rs.10,000 for which he promised Rs 1,000 as interest every month. To some he even offered to double their investments in two to six months,” a senior police officer said.

The fraud came to light after aggrieved investors deposited his post dated cheques in banks and they all bounced.

“He used to give post dated cheques to all to gain their confidence. However few day ago on May 19 when some investors went to the bank to collect money. The cheques bounced and the matter surfaced,” the police officer added.

“Some even complained that he promised profits every month if they paid him an amount of Rs.100,000,” officer said.

The duped angry investors gathered outside the office of Stop Loss in Nangloi area of northwest Delhi. They entered the office and ransacked the place.

“He (Aggarwal) is absconding since past few days and a number of investors have approached us complaining about him. We have transferred the case to the Economic Offences Wing which is probing the matter,” the officer said.

Meanwhile, the victims were seen taking away whatever they could lay their hands on, chairs, tables - even photo frames.

“The protestors then reached his residence in Mundka area and here also they broke into the house and took away everything they could find. Some even took away the photo frames,” the official added.

“There are rumours of Aggarwal amassing nearly Rs.10 billion (Rs.1,000 crore) but we do not have any exact figures at all,” he said.

Aggarwal, who hails from Rohtak had come to the capital four years ago, and started a firm in the Uttam Nagar area selling similar schemes but after complaints he packed his bags. He then started the same scheme in Nangloi area.

The police is now looking into the roles of some property dealers in the area as it suspects that Aggarwal invested a lot in real estate.

“Police is looking for a property dealer named Satpal as it is believed that he helped Aggarwal.”

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