Father, son arrested from UP for duping ₹63L from investors

Jaipur: City police on Wednesday arrested a father and son duo from Uttar Pradesh on charges of swindling over Rs 63 lakh from investors under ponzi schemes.
DCP (North) Paris Deshmukh said a team of Galta Gate police arrested Ramkesh Sharma (66), and his son Arun Sharma (39), both residents of Lucknow.
Police had last August registered an FIR following a court order that the accused allegedly floated fake companies and hired agents to cheat people. As per Deshmukh, the accused founded a multi-state credit cooperative society, with operations in New Delhi, Haryana, Rajasthan and Uttar Pradesh. Police claimed the accused had a presence in multiple districts of Rajasthan to lure investors.
“The accused collected over Rs 63 lakh from different investors by promising them assured returns,” said an official. The city police said an FIR was registered IPC Sections 420 (cheating), 406 (criminal breach of trust), 467 (forgery), and 120B (cheating).