The Delhi Police’s Economic Offences Wing (EOW) arrested a man on Monday for duping 50 people of Rs 2.5 crore in a Ponzi scheme. He allegedly cheated them by promising regular profits on their one-time investments.
According to a complaint lodged by Daulat Ram and other victims, Mohammad Aslam and some of his relatives were running a Ponzi scheme at a shop on Arakashan Road in Paharganj market.
They conned 50 people and raised around Rs 2.5 crore. However, when the investors demanded their share of profit, they fled with their money.
Other accused have been identified as Irfan, Wasim and Kasim.
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The police launched an investigation, during which it was revealed that Aslam’s father had been running short-term financial schemes in Paharganj for almost 40 years.
Many shop owners in the market trusted him with their money. However, after his demise, his son Aslam, with some other relatives, began duping people by promising them good monthly profits.
Aslam and his associates have been collecting cash from people since 2018. Most victims are from low-income groups i.e., waiters, workers in salons, small mechanics, etc. working in Paharganj market.
To hunt down the fraudster, a team of police was formed under the supervision of Assistant Commissioner of Police (ACP) Virender Singh Sajwan and Deputy Commissioner of Police (DCP), Mohammad Ali.
Sub-inspector Navin Dahiya and Assistant sub-inspector (ASI) Tahar Singh arrested Aslam who had been hiding in Abul Fazal Enclave of Jamia Nagar, Okhla.
Aslam, 48, did not complete his education after losses in family business and the demise of his father, according to the police.
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