Jeweller arrested for duping people of gold worth Rs 2.5 cr

A jeweller, who allegedly duped several people of their gold and cash worth around Rs 2.5 crore by promising them goods in return, has been arrested, police said today.

61-year-old Sita Ram Kapoor, the owner of Modern New Kapoor Jewellers Private Ltd at Krishna Nagar, was arrested for cheating people by enticing them to give him gold and cash in lieu of handsome returns but he neither paid the interest nor returned their gold, said K K Vyas, DCP Economic Offence Wing of Crime Branch.

The accused was arrested following a complain by one Vijay Verma, who was lured by Kapoor to invest his savings of two kgs of gold, worth Rs 60 lakh, and promised an interest of three per cent per month. He neither got any interest nor got the gold back.

During probe it was found that he, along with his brother Rajpal Kapoor, had duped several others by adopting the same modus operandi. Till now 14 victims have come forward who have claimed to have been cheated by the fraudster to the tune of Rs 2.5 crores, Vyas said.

His company has neither been a Non-Banking Financial Company (NBFC) nor taken any approval from RBI to accept any deposit from public, he added.

Kapoor has been running his jewellery shop -- Modern New Kapoor Jewellers Pvt Ltd -- at Krishna Nagar for the past 35 years and he does not have any previous criminal record.

"Most of the victims, invested in this scheme on their assurances. Initially, they paid some instalments of interest on the invested amount but subsequently they defaulted. They neither paid interest nor the principal amount," Vyas said.

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