After preliminary enquiry, a case was registered and investigation taken up.
Delhi Police's Economic Offences Wing has arrested a man for allegedly cheating people of Rs 8 crore on the pretext of making them associates in cargo business, officials said on today.
Balakrishnan Shivram Iyer was arrested from a luxury apartment in Gurugram, they said.
Balakrishnan Iyer is a graduate in business administration from a prestigious Bangalore-based college and deals in airlines and cargo business, the officials said.
Police said the matter came to light after a complainant was filed by one M R Prakash and five others alleging that Balakrishnan Iyer told them that he was an executive director in Bhagwati Airways Express Ltd. He signed franchise agreements with the complainants to make them business associates (in cargo sector) in territories of Mumbai, Chennai and Coimbatore, the police added.
"Balakrishnan Iyer collected a cash amount of Rs 8 crore from them for making them business associates, though he was not authorised to sign any agreement on behalf of the company. He was only an employee of the alleged company," police said.
After preliminary enquiry, a case was registered and investigation taken up, they said.
During investigation, statements of the victims were recorded and original agreements with complainants were seized. Bank accounts statements were also collected. Records of Bhagwati Airways Express Ltd were collected too and it was revealed that Dinesh Kumar Digga and Roop Kumar Baheti were directors of the company, Ravindra Singh Yadav, Special Commissioner of Police (Crime), said.
"Statements of directors of the company were recorded and it was found that accused Balakrishnan Iyer was not authorised by the company to execute any agreement with the complainants. The accused misrepresented himself and told the complainants that he was the executive director in the company, though he was just an employee and not authorised to enter into any agreement on behalf of the company," he said.
The officer said the accused was absconding for a long time. Technical surveillance revealed that he had visited Sikkim, Kolklata, Darjeeling, Nagaland, Assam, Chennai and Coimbatore to evade arrest, he added.
"A constant watch was kept on him. Finally on October 14, when Balakrishnan Iyer covertly visited Gurgaon, he was nabbed from his residence at Puri Emrald Society by EOW sleuths ," the DCP said.
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