New Delhi, Oct 7 (PTI) A retired Lt colonel was arrested for allegedly duping Army personnel to the tune of Rs 88 lakh after promising them residential plots, police said on Wednesday.
Retired Lt colonel and Kirti Chakra recipient Rakesh Rana was arrested from his residence in Dwarka on Tuesday.
According to a complaint lodged by Havaldar Chandan Kumar and a few others, Rana told them that he's running an NGO called SWO-India for the benefit of Army personnel. But the accused asked the investors to deposit money in SWO India Ltd, a company of identical name.
He assured them that they would be getting residential plots in Jharkhand.
During investigation, it was revealed that Rana induced the Army personnel that the 'Veer Aawas Bokaro' project was of 20-acre land and the land had been purchased and necessary approvals had been taken, Joint Commissioner of Police (EOW) O P Mishra said.
The company provided an allocation letter-cum-agreement on receipt of the total amount but it neither provided the plots, nor returned their money, he said.
According to police, the company has no land, requisite sanction or approval from the authority concerned.
Police found out that Rana was the authorised signatory of various accounts of the company, Mishra said. PTI NIT SNE