New Delhi, June 23 : A man has been arrested for duping over 70 people of Rs 64 lakh on pretext of higher return against their investment from Gujarat, an official said on Friday. The accused was identified as Vikas Dattatraya Bhosale, a resident of district Beed in Maharashtra. Sharing the details, Economic Offences Wing Deputy Commissioner of Police Vikram Porwal said a case was lodged on the complaint of one Vineet Tyagi and 71 others wherein the complainants leveled allegations against Bhosale, Manish and Renu stating that their firm N D Enterprises having its office at Nawada, Uttam Nagar in Delhi was selling machines for making velvet pencil and offering people to invest in their scheme. In the said scheme, the company was providing the machines and raw material like raw pencil, powder, gum, stand, etc. "The firm through its proprietors also promised to buy back processed products from them and induced complainants /investors to invest in their scheme on the assurance of earning good profit of over 75 per cent on the invested money in a very short span of time of two-three days," the complainants stated. The complainants have invested a total of Rs 64 lakh with the company. "However, the alleged firm started delaying supply of raw material and did not make payment to the victims on time. Later, the alleged persons wound up their business and ran away," said the DCP. During investigation, victims who lodged their complaints against the accused persons/company were examined, who alleged that they were induced by the accused persons on the pretext of buy back scheme in January-February 2019. "The police team tasked with the investigation, after a lot of efforts, traced the address of Bhosale in district Beed. Later, it was ascertained that the accused is in touch with his father, who is working in Ahmedabad, Gujarat. Accordingly, a raid was conducted and he was arrested from Ahmedabad, Gujarat by the police team of EOW," said the DCP. The DCP said that the accused started a firm in July, 2018 in the name of Veleto but the business was not successful and he closed the said firm. "In the meantime he came in touch with co-accused persons Manish and Deepak and started a new company in the name of N D Enterprises in Uttam Nagar, Delhi. They also employed some staff to collect the money and issue receipts. Later, when the business grew and multiple purchasers approached, they took the money from them and suddenly on October 18, 2019 wound up the business and ran away," the official added. /IANS