Rupesh Verma is no ordinary cheat. Out on a con job for the past three years, Verma purchased 166 luxury cars, acquired ten hotels and resorts in various cities and stacked more than Rs 20 crore in bank accounts.

When the police raided Verma's office on Barakhamba Road last week, they were shocked to find cash and gold coins worth Rs 2.4 crore piled in cupboards and drawers.

He allegedly cheated more than 500 people to the tune of Rs 50,000 to Rs 3 lakh each. He is learnt to have duped several policemen also.

Verma was arrested on December 16 while he was addressing the media at the Press Club of India when investors came to know that he was there.

Verma had launched two con schemes. The first was the “car on rent” scheme.

“Investors were asked to invest Rs. 1.25 lakh to 3 lakh depending upon the make or model of the vehicle, as an initial deposit for availing loans from the bank,” said Vivek Gogia, additional commissioner of police (EOW). “Verma would enter into a 60 months agreement with his victims and promise a return of Rs. 3,000-Rs 10,500 per month on the usage of car, besides paying the installments and other expenses. He would also give 12 post-dated cheques to gain their confidence."

In the other scheme, investors were induced to deposit Rs. 50,000- Rs 3 lakh and were promised monthly return of Rs. 2,000- Rs 20,000, police said.

“The entire fraud was dependent on roping in new victims for which he took out advertisements in leading English and Hindi newspapers and got catchy brochures printed. He paid over Rs. 2 crore to the advertisement agency alone,” said the officer. During investigations, 24 bank accounts of Verma were detected and money to the tune of Rs. 11.54 crore frozen in these accounts. The accused also owns properties in Gurgaon, Mumbai, Indore, Jaipur, Nagpur and Raipur among others. Police have recovered 100 cars.

“We have identified two Hotels and resorts in Gurgaon, two flats and one office in Mumbai, one resorts at Indore and four office premises at Jaipur, Nagpur, Indore and Raipur All these properties have been sealed,” said the officer.

Accounts of his three other sister concerns — Shree Sai Cine Vision, Shree Om Sai Nath Construction Private Limited and Swiss Cabs — are being analysed to examine the fraud.