With the arrest of a man, the Economic Offences Wing (EOW) on Monday claimed to have busted a racket involving multi level marketing across the country. Police said that the accused was evading arrest for last nine years.

The accused has been identified as Kapil Dev Pasricha and he was also declared 'Proclaimed Offender' (PO) by the local court.

According to Dr O P Mishra, the Joint Commissioner of Police, EOW, an First Information Report (FIR) was registered after a joint complaint was received wherein the complainant alleged that the Director Kapil Dev Pasricha and others of the alleged Company, Money Bhandar (B.P. Jewelers Pvt. Ltd.) duped gullible investors of West Bengal, Orissa and Assam, by providing money back scheme with lucrative package of interest after a fixed period of deposit.

"After obtaining funds from investors, the accused company closed their offices and fled away without returning the assured sum of money to the investors. Large number of investors have been duped by accused company and its Directors," said the Joint CP.

"During investigation, it was revealed that the accused Kapil Dev was the authorized signatory of the company bank account and after receiving the money from investors the same was utilized for personal luxury. The Company was not registered as NBFC with RBI and as such not authorized to accept public deposits. About six to seven crores of funds of gullible investors was obtained on the basis of false assurance, " said the Joint CP.

"The accused had left all available addresses and avoided the investigation. No clue of accused came to light as he was on run since 2012. The team succeeded in obtaining latest details of the accused and after carrying out search Kapil was arrested," said the Joint CP.