Crime branch police arrested a graduate engineer of NRI College who cheated 108 people in the name of providing higher rate of interest by opening three fake companies; accused cheated Rs 48 lakh.
Over a dozen complaints were made with the crime branch police.
After the investment was made and when return was asked, the accused used to threaten to hold the account for three years.
The accused used to do fraud through three fake companies and later closed the company and escaped from Bhopal.
The accused Uttam Mandal operated Marvihs Business Solutions Pvt Ltd and used to cheat people through the company.
Action was taken after a complaint was made by Vivek Alone who was cheated by accused Uttam Mandal and filed a case under section 420,406 of the IPC and section 4 and 5 of M.P. The Chit Fund Act 1982.
Accused was arrested from Malviya Nagar Indore within 24 hours and the documents related to the incident site were confiscated.
The director of the company, accused Uttam Mandal, after one year of working in the company, deposited capital in the company which is as follows Vivek Alone Rs 2,50,000 and Devana Alone Rs 2,50,000 was deposited three or four times in both the accounts whose interest of 12 percent was promised by after 2 months, no interest or any amount was given in the company.
Uttam Mandal, in the name of lockdown, stopped payment and on repeatedly requesting he threatened with holding the account for three years. Recently he closed office at MP Nagar after which a complaint was made with the police.