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Jewellery kitty fraudster accused of cheating over 700 arrested
In Short
During the investigation, the EOW found that the accused persons collected cash instalments from members of the kitty societies
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New Delhi: The Delhi Police’s Economic Offences Wing (EOW) on Tuesday arrested a 24-year-old man for allegedly cheating more than 700 people of approximately Rs 1.5 crore through a jewellery kitty scheme.
The accused, identified as Aniket Verma, lured members of the public into depositing Rs 1,000 every month with the promise of receiving jewellery worth Rs 28,000, or an equivalent amount, after completion of the 24-month kitty period.
According to the EOW, a multi-victim case was registered under FIR No. 128/25 dated October 8, 2025, under Sections 420, 406 and 120B of the IPC. The case was registered on the complaint of multiple victims against Naresh Kumar Verma, proprietor of M/s Baba Shyam Giri Jewellers in Jagatpur, Burari, and his son Aniket Verma.
The accused persons operated jewellery kitty societies and committees in the Burari area and induced members of the public to deposit money by assuring them of substantial returns or equivalent jewellery upon completion of the scheme. By enrolling a large number of people, the accused collected approximately Rs 1.5 crore from more than 700 victims.
During the investigation, the EOW found that the accused persons collected cash instalments from members of the kitty societies. Handwritten receipts acknowledging the payments and bearing the signatures of the accused were obtained and seized from victims, providing documentary evidence of the alleged collections.
The investigation further revealed that both accused persons had allegedly fled Delhi after disposing of their properties, and their whereabouts could not initially be ascertained. Subsequently, Look Out Circulars (LOCs) were issued against the Vermas to facilitate their apprehension.
Further investigation revealed that the accused persons had shifted to Dubai, where they were residing with their family.
The EOW received information about Aniket Verma’s detention at Surat Airport on September 10. Following the information, a team comprising Sub-Inspector Rahul Tomar and Head Constable Anil Kumar of Section-I, EOW, under the supervision of ACP Virender Kadyan, proceeded to Surat and arrested him.
Police said further investigation is underway to ascertain the exact number of victims, the total amount collected, the financial trail, and the role of other persons in the alleged fraud.
Efforts are also being made to apprehend co-accused Naresh Kumar Verma, who is presently residing in Dubai, through legal and diplomatic channels.
