New Delhi, Oct 7 : The Economic Offences Wing (EOW) of Delhi Police has arrested a retired Lieutenant Colonel for allegedly being the key conspirator in a property scam in which he duped many unsuspecting Army personnel. On the basis of credible information, the EOW team arrested the accused on Tuesday from one of his residences at Dwarka. Officials said that during investigations, it emerged that the accused Rakesh Rana, Chairman-cum-Managing Director of SWO India was the main brain behind the offence. The accused, a retired Lt Colonel and Kirti Chakra recipient, is also the authorised signatory of various accounts of the company. During investigations it surfaced that Rana induced and gave false representation to army personnel that a residential plots project was of 20 acre land and the land had been purchased and the necessary approvals taken. The company reportedly provided allocation letter cum agreement on receipt of total amount, but the company neither provided the plots, nor did they return the money. The company in question has no land, requisite sanction or approval from concerned authority. "Accused person by flashing rosy picture about various plot projects in different states including the Veer Aawas Bokaro Project assured army personnel that they are running an NGO in the name of SWO-INDIA for the benefit of Army personnel and is not earning any benefits from the projects. However, the accused directed the investors to deposit money in SWO India Ltd (a company of identical name)," said OP Mishra, Joint CP EOW. The army personnel believed fell for the trap and deposited at least Rs 88 lakhs in 2018 after which a case of cheating and other relevant sections was registered. "The alleged company through its director ensured that he would provide residential plots to the army personnel at Bokaro, Jharkhand on a no-profit-no-loss basis. But the accused persons did not purchase the land. They did not take necessary approvals in this regard either," the officer added. /IANS