Police raided the office of Yalco Group at Ridhi-Sidhi colony and arrested its Managing Director Premlala Dewangan on the charges of fraud, police said on Saturday. According to information, Nandlal Verma, a resident of Phardakhurd, had lodged complaint at Basantpur police station against Yalco Company alleging that the company had cheated him of Rs2 lakh.
The complainant, according to FIR, had invested Rs2 lakh in a policy for five years expecting huge return. The company after completion of the lock-in period returned to him only Rs84,000 and refused paying off rest of the amount despite his repeated requests. Besides, the MD of the company had also opened an account in the name of the complainant with Canara Bank and swindled the whole amount due to him, Nandlal Verma said in the complaint. The police team that raided the office also seized certain documents believed of suspicious nature. Police did not ruled out possibility of it being yet another scam involving public money.