Delhi firm's employee held for money scheme fraud
From: The Times Of India. 8 Nov 2008
MUMBAI: The Oshiwara police have arrested an employee of a Delhi-based firm, which offered a money-doubling scheme to investors and conned them
of their deposits. At least 150-200 people, who were duped in this manner, had complained to the police against the management of the company, Kanakdhara.
The police are now looking for the firm's promoters, Bhupendrasingh Bakshi and Gurukaransingh Bakshi, who are believed to be masterminds of the racket. Both of them are residents of Delhi.
The arrested employee has been identified as Manojkumar Oza. Officials said Oza introduced himself to people as the info centre chief of the company's Maharashtra branch. He held a seminar at Brijwasi Hall in Goregaon (E) where he announced details of the scheme to investors.
The initial deposit to be made by every investor was Rs 13,920. The investors would receive Rs 640 at the end of the first month, Rs 1,280 in the second month and Rs 2,560 in the third month. In this manner, the investor would earn a whopping Rs 26.2 lakh at the end of the year, Oza claimed.
Oza also announced that Kanakdhara's local office was located in Patliputra Nagar on Link Road, Jogeshwari (W), while the head office was in Delhi and there were several branches spread across the country. All those investors who would bring new members for the scheme would be rewarded with an annual commission of Rs 3.68 lakh, Oza claimed.
Several Mumbaikars fell for the seemingly-lucrative scheme and paid Rs 13,920 by cheque to Oza. But afterwards, whenever they made enquiries with him, Oza failed to give them their due returns. Realising that they had been conned, the investors approached the Oshiwara police.
"Based on the complaint filed by a 55-year-old investor, Varsha Seth, we raided the Kanakdhara office and picked up Oza. He has been booked under Sections 420 and 406 of the IPC for cheating,'' detection officer R Padavi said.
*What the mind can conceive and believe, it can achieve.*