Fraudster arrested for misappropriating deposits

New Delhi, July 23 (UNI) The Delhi police have arrested a person for cheating people by promising them attractive interest on investment deposits.

Satya Nand Arya(61), the main partner in the firm Economic Transport Organisation which solicited investments from several persons in return for 18 per cent interest, was arrested on July 18 after investigations by the Economic Offences wing revealed that the accused and his associates fabricated their books of accounts to suit their interests and siphoned off the money of the investors in furtherance of a premeditated conspiracy.

Arya was arrested after the police recieved nine complaints against the Economic Transport Organisation that the accused had defrauded them of deposits worth Rs 60 lakhs.

Enquiry revealed that the accused rewrote their accounts books to misapropriate the investors' money and use it for their personal interest.

Police said there are more complaints of fraud against the accused and a few more cases may be registered against him and his associates.

UNI