The Economic Offences Wing of Delhi Police has arrested two brothers for allegedly cheating a dozen investors of Rs 2.5 crore with fake companies after months of raids in Delhi and Gurgaon.

The police said the accused – Tribhuwan Kumar Parnami (66) and Anil Kumar Parnami (65) – were running four bogus companies and took big investments from people, promising high returns, but did not give back any money.

The police said the brothers are involved in more than 11 cases of fraud in ponzi schemes in Delhi and Gurgaon. RK Singh, additional commissioner of police (EOW), said, “we received several complaints in 2019 from investors who were promised incentives and high returns on their investment. A case was registered and our teams found that two men – Tribhuwan and Anil took investments in the name of several companies.”

During the investigation, the police found all the companies were being used to misappropriate funds by the brothers. The duo was produced before a court and taken to police remand for further questioning.

The police said they are trying to get more details on the ponzi scheme and the number of cheated persons.

Read more…