Bhopal News: Absconding Investment Fraud Accused Arrested In Noida

Bhopal (Madhya Pradesh): The MP STF arrested an absconding accused involved in investment fraud and carrying a reward of Rs 30,000, in Noida, said police here on Thursday.

The STF arrested Rishikesh Rai, director of the unregistered Yorker FX and Yorker Capital companies, who received funds in the account of Rainet Technology for Botbro Trading Company.

ADG, STF D Srinivas Verma said that the accused was a member of a gang which committed organized crime by fraudulently obtaining funds from investors in the name of investing in unauthorized companies.

The main accused Nawab alias Lavish Chaudhary, along with his other associates, lured investors by promising them a guaranteed return of 6-8 per cent per month on investing in unregistered companies in India.

They received money from the investors in bank accounts in the name of forex trading and unregulated investments.

The director of the company, Rishikesh Rai, a resident of Noida, Uttar Pradesh, was absconding since the crime was registered and a reward of Rs. 30,000 was announced on his arrest.

The STF got a tip-off that Rishikesh was in Noida, on February 10 and arrested him in Sector 77, Noida.

The STF found transactions of more than Rs 2,062 crore in the bank accounts of Rainet Technology Pvt Ltd.

So far, 16 accused have been arrested while the main accused Nawab alias Lavish Chaudhary is absconding. Reports said he was currently living in the UAE. Extradition proceedings are being carried out to bring him back to India.