Mumbai: The Malad police have arrested a man for allegedly cheating over 4,000 people by promising to double their investments. Most of the people duped were small businessmen and hawkers. According to the police, the modus operandi of the accused Ram Singh Chaudhary was to enrol his victims in bogus cooperative credit societies and get them to deposit money with the promise of doubling their investment in six years. Chaudhary had made fake letterheads and other documents of the fake credit society.
He used the rubber stamps and letterheads of Sai Lila and Pratigya credit institutions. Many fell for his smooth talk and parted with hard-earned monies. However, even after the expiry period, they were unable to withdraw their deposits because Chaudhary had vanished with the moolah.
Five of the victims filed a case under IPC sections 406 (criminal breach of trust), 420 (cheating) and 34 (common intention).
Police investigation revealed that he had deposited crores of rupees in a bank and earned huge income by way of interest.
