Man held for swindling over Rs 1 crore from investors

A man has been arrested for allegedly swindling Rs 1.2 crore from several persons by luring them into investing in a company based in east Delhi's Laxmi Nagar, police said on Friday. The accused, Amit Sarup, was arrested on July 29 while a co-accused, Pradeep Sachdeva, was held on April 12, they said.

According to a complaint filed by one Ratan Lal Balani and others, Sarup and Sachdeva, directors of the firm had in January 2012 lured him and his sister-in-law into investing on the pretext of providing them higher returns. They entered into a memorandum of understanding in 2012 with Sarup and Sachdeva. In pursuance to the same, Balani made a total payment of over Rs 20 lakh, a senior police officer said.

The accused duped Balani and others of nearly Rs 1.2 crore, police added.