New Delhi, Oct 12 (UNI) The CBI has arrested a promoter of a Lucknow-based Mutual Fund company for his involvement in duping unsuspecting investors to the tune of Rs 72 crore.
The accused,who is a promoter of M/s INCAN Mutual Fund Benefit Ltd and its group companies, was today remanded in judicial custody by a Lucknow court.
The accused and his associates had collected huge sums of money from individual investors with the assurances of the returns upto 40 per cent per annum in various schemes launched by the above Company between the years 1991 to 1998.
This company had opened branches at different locations in the States of UP, Haryana, Punjab, Himachal Pradesh and Chandigarh to collect deposits and claimed to have made investments in fertiliser production, real estate as well as agro-pharma plantations.
However, the money was siphoned-off by the accused and his associates who closed down the branches and went into hiding.
Thereafter, several cases of cheating and fraud were registered against the accused in different police stations of Punjab, Haryana and UP but he remained absconder.
In January, 2003, the Allahabad High Court assigned investigation of three cases registered against the accused at police station Aliganj, Lucknow, UP to the CBI.
The accused could be arrested only after sustained efforts on October 9 as he was residing in Pune incognito.