Jaipur, March 12 The Rajasthan Police's Special Operations Group (SOG) has arrested a man, allegedly involved in a large-scale fraud that collected crores of rupees from people by promising luxury car sales, cryptocurrency, and social media-based investment schemes.
Additional Director General of Police Vishal Bansal said that Suresh Saini (34), a resident of Bhopalgarh, Jodhpur, was taken into custody.
The investigation revealed that the main accused, Banshilal alias Prince Saini, in collusion with software developer Rajnish Kumar, created a website through which around 82,000 people invested approximately Rs 2 crore.
Subsequently, the accused established a company and made themselves and family members directors. The company launched the "HVT Crypto Coin" on social media platforms and promised high returns, including incentives to buy SUVs at very low prices.
Saini, who worked as an agent, allegedly collected about Rs 3.78 crore from investors through social media promotions and digital transactions.
During the investigation, it was found that he also collected around Rs 3.5 crore from 56 people in rural areas by promising vehicles at discounted rates and facilitated further investments of Rs 28 lakh through the company.
An SUV received as commission was seized by the police.
The ADG said that about 40 persons were induced to invest in the company through written agreements, and large-scale promotion was carried out on social media.
In October last year, the accused organised the "Double Century Reward Ceremony" in Bhopalgarh. They announced the distribution of 250 SUVs and collected approximately 15 crore rupees from 251 individuals for this.
Bansal said that the funds collected were used by the accused for personal luxury, donations to social and religious organisations, and purchasing expensive vehicles for personal use.
Saini, the main accused, along with Mamta Bhati and Dinesh Bagdi, were arrested in December last year after a case was lodged in September 20.