Lucknow: Man, son pocket Rs 20 crore of 7,000 investors, held

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LUCKNOW: A man-son duo, who are managing director and director of a private credit financial company, were arrested for duping 7,000 people across the country to the tune of Rs 20 crore on pretext of investments.
The accused, identified as Ramkesh Sharma (MD) and his son Arun Sharma, were arrested on Thursday from Ring road. They had been on the run since 2018 and police had announced a reward of Rs 25,000 each on them.ADCP, north zone, Anil Yadav said that the accused bought the finance company in 2015 from a Delhi based Businessman and then expanded it to other states. After opening an office in Vikasnagar, they offered membership to people at Rs 100, which made them eligible for investment in the company through various saving and deposit schemes promising high interest rates. The company also gave loans to a few to appear genuine and opened branches in Delhi, Rajasthan, Punjab & Haryana.
SHO, Vikasnagar, Tej Bahadur Singh said that the accused used the money to buy property in different cities, but suffered losses and went bankrupt. They fled from Lucknow in 2018. Twenty-nine cases were lodged against them in different states.


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