Haridwar, Jan 27 (PTI) Three people were arrested here on Friday for allegedly duping several people of crores of rupees on the pretext of offering them high returns on investments, police said.
The accused were identified as Abdul Razzak, Naseem and Masrood, they said.
Razzak, the main accused, and his agents lured people into investing money in their company, Kabir Mutual Benefit Fund Ltd in Jawalapur here, on the pretext of offering them high returns, Superintendent of Police (city) Swatantra Kumar said.
A total of 22,000 people had opened accounts in the company. Razzak and his accomplices collected money on a daily, weekly or monthly basis from the investors, he said.
Last week, Razzak locked his office and home and went into hiding, he added.
The accused were arrested on Friday and Rs 12.70 lakh in cash was recovered from them.
A case has been registered under sections 406 (criminal breach of trust) and 420 (cheating) of the Indian Penal Code (IPC). PTI COR ALM DIV DIV