Businessman sent to seven days police custody in cheating case

A Delhi court today remanded to seven days' police custody the managing director of a finance firm who was arrested for allegedly duping investors of around Rs 2,000 crores.
 
Accused Rupesh Verma, who was produced before Metropolitan Magistrate Jitender Mishra on conclusion of his two-day custodial interrogation, was remanded to police custody till December 25.
 
The court allowed the plea of Delhi police that the probe into the fraud was "inconclusive" and the accused was required to be quizzed for a longer period to unravel the case.
 
Police, meanwhile, informed the court that it had recovered Rs 2.15 crore cash at the instance of Verma during the investigation.

The court also 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, managing director of Delhi-based M/s Shri Om Sai Nath Car On Rent Ltd, was arrested from the Press Club of India when he was addressing the media.

Senior advocate Ramesh Gupta, appearing for Verma, said "no purpose would be served by sending the accused behind the bars as the company was capable was paying back the dues of its investors."
 
Two FIRs were lodged against Verma and his firm under the IPC on the charge of cheating and misappropriation of funds.