New Delhi [India], May 14 : The Economic Offences Wing (EOW) of Delhi Police has arrested a man for allegedly defrauding devotees of a spiritual congregation by luring them into investing in fake Dubai-based schemes with the promise of high returns.
The accused, identified as Mohit Wadhwa alias Manu Wadhwa (44), a resident of Rajouri Garden, was arrested on May 9 from Subhash Nagar. Police have registered a case against the accused under IPC Sections 406, 420, and 120-B.
Amit Verma, Deputy Commissioner of Police of EOW, stated that the arrest followed a complaint filed by Gurpreet Kaur Rai. Further complaints from four different families, totalling 14 victims, were received against Wadhwa and his associates. The victims alleged that Wadhwa, who was known among followers of a spiritual leader referred to as Guru Ji and often attended satsangs at Bade Mandir in Chhatarpur, used his association with the religious group to gain their trust.
He and his associates promised lucrative returns on investments in alleged business ventures in Dubai. Between September 2017 and September 2020, they collected around Rs 9 crore from the victims in multiple instalments. However, the accused neither returned the money nor produced any investment documents.
The investigation, which included examination of victims and scrutiny of bank transactions, confirmed partial monetary trails linking Wadhwa to the fraudulent activities. He reportedly invested part of the funds in cryptocurrency, while the rest was used for personal luxury and expenses.
Police also revealed that Wadhwa is a 12th-pass individual with a history of similar offences. Prior to this case, he had been arrested for duping investors using the same modus operandi.
EOW officials stated that the investigation is ongoing, and efforts are underway to trace his associates and recover the funds.