Delhi Police have arrested Inderjeet Singh (55) for allegedly cheating over 65 individuals out of approximately Rs 80 lakh through a fraudulent Ponzi scheme. The Economic Offences Wing (EOW) of the Delhi Police initiated the investigation after a complaint was filed by Manmeet Singh, who claimed that Inderjeet induced him to invest in a scheme under a private firm with false promises of doubling the investment in a year.
Police officials stated that the accused misappropriated funds by issuing fake receipts and absconded when victims demanded returns on their investments. Investigation revealed that Inderjeet used a classic Ponzi scheme model, where funds from new investors were used to pay earlier investors, creating an illusion of legitimacy. Victims, encouraged by initial payouts, brought in more people, further expanding the scam.
Inderjeet Singh was arrested on February 15 and remains in police custody for further investigation. EOW officials are continuing to probe the scale of the fraud and whether more victims are involved.
