Man accused of duping thousands sent to police custody (Lead)

June 13th, 2009 - 5:06 pm ICT by IANS  

New Delhi, June 13 (IANS) A local court sent Subhash Aggarwal, who was arrested Saturday for allegedly duping thousands of people in the national capital, to five days’ police custody.
The Rohini court sent his wife Snehlata, who was also arrested, to two days’ judicial custody.

The couple was arrested from Nangloi area in northwest Delhi.

Aggarwal allegedly duped around 5,000 residents of Nangloi of about Rs.1,000 crore (Rs.10 billion) with his “get-rich-quick” scam, taking money from people after assuring them that it would be doubled and returned to them within a short period.

Aggarwal fled after issuing cheques in the name of his company Stop Loss Commodity. The cheques later bounced.

“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,” police told the court.

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

After the fraud came to light, people ransacked Aggarwal’s house and office here last week.

Aggarwal, who is from Haryana’s Rohtak town, came to the capital four years ago and started a firm in Uttam Nagar, offering similar schemes but left the area after complaints. Later, he started the same scheme in Nangloi.

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