New Delhi, September 15 (Daily Kiran) : The Economic Offences Wing (EOW) of the Delhi Police has apprehended a 24-year-old man accused of defrauding more than 700 individuals through a jewelry kitty scheme, amounting to nearly ₹1.5 crore. The suspect, identified as Aniket Verma, allegedly lured victims into depositing ₹1,000 each month with the promise of receiving jewelry worth ₹28,000 upon completion of the 24-month scheme.
According to the EOW, a First Information Report (FIR) was filed on October 8, 2025, under sections 420, 406, and 120B of the Indian Penal Code. The case was initiated following complaints from multiple victims against Naresh Kumar Verma, the owner of ‘Baba Shyam Giri Jewelers’ in Jagatpur, Burari, and his son Aniket.
The accused operated jewelry kitty societies and committees in the Burari area, convincing individuals to invest by promising high returns or jewelry of equivalent value once the scheme concluded. By recruiting a large number of participants, the duo managed to collect around ₹1.5 crore from over 700 victims.
During the investigation, the EOW discovered that the accused were accepting cash installments from society members. Handwritten receipts, bearing the signatures of the suspects, were seized as evidence of the funds deposited by victims.
Further inquiries revealed that both suspects had fled Delhi after selling their properties, initially evading detection. Subsequently, a Look Out Circular (LOC) was issued for the Verma family to facilitate their capture. It was later determined that they had relocated to Dubai.
On September 10, the EOW received intelligence regarding Aniket Verma’s presence at Surat Airport. Following this, a team led by Sub-Inspector Rahul Tomar and Head Constable Anil Kumar traveled to Surat and successfully arrested him.
The police are continuing their investigation to ascertain the exact number of victims, the total amount collected, and the involvement of other individuals in this alleged fraud. Efforts are also underway to legally and diplomatically apprehend Naresh Kumar Verma, who remains in Dubai.
Aniket Verma, a 12th-grade graduate from Delhi, previously resided in Yamuna Vihar, where he and his family operated two jewelry stores. The EOW reports that the father-son duo has been running kitty societies and committees for the past 10 to 12 years, defrauding approximately 1,200 people before allegedly fleeing to Dubai after selling their properties in Delhi.
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