Mother-son duo arrested for cheating
By IANSTuesday, February 8, 2011
NEW DELHI - An illiterate mother and her school dropout son, accused of cheating people by enticing them to invest in the schemes of their “companies” that promised high interest rates, have been arrested, police said Tuesday.
Kitabun Nisha, 63 and her son Anwar Azad, 36 were arrested Monday.
“They set up a company named Shresthapriya Finance and Investment Ltd in Shakarpur area of east Delhi while another, Popular Savinvest Ltd had its office in Laxmi Nagar area of east Delhi,” a police official said.
The branch offices of these companies were floated in different parts of the capital in 1990 and 1996.
“They promised high returns within three to five years against a monthly investment. Against an investment of Rs.300 per month, the company promised to return Rs.24,000 on the maturity of the schemes,” added the official.
According to police, the agents, appointed by the accused got 15 to 27 percent commission on the invested amount and the companies managed to collect around Rs.1 crore. They then closed their offices and fled with the collected amount.
“Efforts are being made to arrest the other accused persons in the case,” the official further added.
