Ponzi scheme: Guj woman held for duping around 700 for over Rs 4 cr

The Economic Offences Wing of Delhi Police has arrested a 48-year-old woman for misappropriating the funds of the people and cheating them to the tune of over Rs 4 crore, an official said on Saturday.

The accused was identified as Sunita Saini, a resident of Surat, Gujarat.

Furnishing details, Joint Commissioner of Police (Economic Offences Wing) Chhaya Sharma said the complainant had levelled allegations against one Vashundhara Group, allegedly a financial institution functioning in Azadpur, Delhi for misappropriating their funds on false representation of doubling invested money in 4 years.

“The accused Sunita Saini is Director and share holder in the alleged company,” the Jt CP said.

According to the senior official, the alleged group and its owner and directors Chandra Prakash Saini alias C.P. Saini, Sunita Saini & others, allured the general public to open daily saving account, fixed deposit account and other lucrative investment schemes and following the directions of the accused, the victims fell prey and opened the accounts (likewise banks).

They were issued certificates, pass books, etc against investments and the deposits.

“Around 700 victims have been cheated to the tune of more than Rs 4 crore as on date. The amount and victims are increasing on day basis. Thereafter, C.P. Saini and his wife Sunita Saini ran away with the invested funds of the victims,” Sharma said.

Accordingly, the police registered an FIR under sections 409, 420 and 120B of the Indian Penal Code and took up the investigation.

During investigation it was revealed that Vasundhara Fintech Ltd & Anakaya Nidhi Ltd (the accused companies) and its directors collected funds from the victims on the promise of fixed returns and the accused companies acted as a NBFC. Whereas, alleged company was neither registered as NBFC with RBI, nor could it take deposit from general public. Further probe revealed that the accused person was absconding since last 6 months. “Technical surveillance was mounted on several suspect numbers and minutely analysis of targeted Facebook accounts enabled the team to locate the whereabouts of accused person at Surat, Gujrat,” said the official.

Subsequently a raid was carried out in Surat, Gujarat from where the accused was apprehended and later arrested. Further investigation is on, the official added.

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