New Delhi,  The Economic Offences Wing (EOW) of Delhi Police has arrested a swindler who cheated people to the tune of Rs 8 crore in lieu of making business associates in an 'air cargo company'.

The accused has been identified as Balakrishnan Shivram Iyer, a resident of Puri Emerald Apartment, a luxury residential society in Gurugram.

"Six complaints were received wherein the complainants had alleged that Iyer misrepresented them saying he was the executive director in Bhagwati Airways Express Ltd and later signed 'franchise agreements' with them to make business associates in the cargo sector in Mumbai, Chennai and Coimbatore," said Ravindra Singh Yadav, Special Commissioner of Police (Crime).

"Iyer had also collected Rs 8 crore in cash from them in lieu of making them business associates, whereas he was not authorised to sign any agreement on behalf of the company," Yadav said.

"After preliminary inquiry, a case under relevant sections of the Indian Penal Code was registered and investigation was taken up. During the investigation, ROC records of Bhagwati Airways Express Ltd were collected and it was revealed that Dinesh Kumar Digga and Roop Kumar Baheti were the directors of the company," he said.

"Their statements revealed that Iyer was not authorised by the company to execute any agreement with the complainants. He misrepresented to the complainants that he was the executive director in the company, though he was just an employee who was not authorised to enter into any agreement on behalf of the company," the officer said.

"As Iyer was on the run, surveillance was mounted, and on October 14, Iyer was nabbed when he was covertly visiting his home in Gurugram," Yadav said.