Man held in Rs 30 cr scam
By Anonymous (not verified) | Thu, 09/01/2005 - 10:01
New Delhi : THE Delhi Police claim to have arrested a man for allegedly cheating over 80,000 investors of Rs 30 crore on the pretext of giving them on health, entertainment and travel.
Pramod Khullar had floated a company Life Care, where people were asked to invest Rs 4,700 with the promise of immediate benefits and money in a short period which the investors never got. The company, floated in 2001 violated the Prize Chit and Money Circulation Schemes Act, said the police.
He was arrested last week and was in custody of the Economic Offences Wing. The police said they were tracking down his investments.
According to an EOW official, Khullar sold a privilege card to the investor for Rs 4,700. The customers were promised services including discounts up to 40 per cent on health services, hotels, restaurants, computer institutes, tours, travel and a personal accident insurance cover of Rs 1 lakh with the card. If the existing customers enrolled more members to the scheme, they were offered mobile phones, TVs and cars.
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