Gurugram, Jan 27 (PTI) A private firm owner was arrested here on charges of cheating after he allegedly made investments by promising shares in his company, then closed the firm and sold its machinery and goods, police said on Tuesday.

After a long investigation, the police arrested Mithun Singh (37) on Sunday in Maharashtra. Singh is a resident of Dashmer Nagar from Jammu district.

Sandeep Kumar and Rajesh Kumar filed a complaint against Mithun Singh, the owner of Nascent Company, claiming that he contacted them and stated that his firm was profitable, assuring them they would receive shares. Mithun made them partners in the firm, requiring an investment of Rs 67.71 lakh, but they were never given a role or any benefits from the actual business operations, police said.

Subsequently, Mithun closed the firm in 2022 with the intent to commit fraud, absconding with the money he obtained by selling the machinery and other assets of the company without returning the invested amount, according to authorities, police added.

The case was investigated by the police's economic offence wing (EOW), and an FIR was registered in November 2024 at the Kherki Daula police station.

"During interrogation, the arrested individual revealed that he had established Nascent Company in 2019. By 2021, he made the complainants partners in the firm as it was operating at a loss and accumulating debt. In 2022, he closed the firm, sold its machinery and goods, and fled without returning any money to the partners. He is now running a company named 'Kasir' related to fruit supply in Palava town, Maharashtra," the Gurugram police spokesperson said. PTI COR MPL MPL