Police said the accused, Vinay Vishal Sharma (52), was arrested in Block M, GK-I, in connection with a case filed in 2019. A complaint was received from a man in businessman named Anurag Chadha who alleged that Sharma approached him to invest money in the business.

MI Haider, DCP (EOW), said: “We have learned that Sharma presented Affinity Salon as an investable business and assured the complainant of high returns on his investment. The defendant also gave possession of a residential property in Sushant Lok Phase-1 to the plaintiff as additional security. As such, Chadha transferred Rs 7.5 crore to the alleged company.

During the investigation, the police discovered that at the time of the signing of the share subscription agreement in 2016, the Sushant Lok property which had been pledged as collateral had already been mortgaged to HDFC bank because a loan had been taken out for the purchase of the same property. .

“There is a clear misrepresentation and concealment of facts by the defendant – Vishal Sharma…Affinity Beauty Salon Pvt. Ltd,” the DCP added.

A case was registered in 2019 under several sections of the Indian Penal Code which deal with cheating, criminal breach of trust and criminal association.

DCP Haider said Sharma joined the investigation at the initial stage but later escaped. “We found out that Sharma has been in the beauty salon business for a long time. To expand the business, he took out loans from several private individuals. He asked people to mortgage their property with banks and used to take this money for his expansion. He would also sell shares of his company and embezzle the money sent by the plaintiff,” the DCP added.