Man cheated investors of Rs 2,000 cr

Court to hear bail plea of businessman in fraud case.

A city court today said it would hear on May 17 the bail plea of the Managing Director of a Delhi-based finance company accused of duping investors of around Rs 2,000 crore.

Additional Chief Metropolitan Magistrate Ajay Pandey said the remaining arguments on the bail application of accused Rupesh Verma,who is in jail since December 19 last year,would be heard on the next date of hearing.

The accused,in his plea,said no purpose would be served by keeping him in jail as his interrogation was over.

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Two FIRs have been lodged against Verma,Managing Director of M/s Shri Om Sai Nath Car On Rent Ltd,and his firm under IPC on the charge of cheating and misappropriation of funds.

The company allegedly used to lure hundreds of investors to invest in its car rental scheme.

The company had promised that investors would get almost three times of the invested money in instalments for 60 months,the FIRs said.

The investors panicked when the cheques issued by the company bounced,after which two of them to lodge a police complaint against Verma and the firm.

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Earlier,the accused had expressed his desire to pay the dues to the investors.

Police had recovered Rs 2.15 crore in cash at the instance of Verma during the probe.

The court had asked the police to ascertain movable and immovable assets of the accused which could be used in paying back the dues of the investors.

Verma was arrested from the Press Club of India when he was addressing the media.