New Delhi, Nov 4 (IANS): A 41-year-old man has been arrested for duping 300 people of Rs.6 crore by persuading them to invest in Ponzi schemes of a marketing company on the pretext of doubling their money in six months, police said Tuesday.

Sukhdev was arrested Saturday near Dwarka Sector 14 in west Delhi where he had gone to meet someone.

"Sukhdev, Narender Satoha and his wife Anita Satoha had raised a company in 2008 in the name of Almandine Marketing Pvt. Ltd. with an office in Dwarka North.

"The company created a Ponzi scheme with the promise to double the amount within six months. More than 300 people invested over Rs.6 crore in the company and the owners fled after collecting the amount," said Joint Commissioner of Police (Crime Branch) Ravindra Yadav.

A Ponzi scheme is a fraudulent investment plan promising high rates of return.

Sukhdev, who hails from Punjab and now stays in Dwarka, was wanted for cheating people and a bounty of Rs.20,000 was declared on his arrest.

"Sukhdev was the manager and networking head of the company," Yadav said.

Sukhdev started his career as a loader at the Delhi airport and then started a garments business in Vikas Puri area.

Due to loss in business, he joined a company named Kanak Dhara that had marketing schemes. This company had duped thousands of investors in Rajouri Garden area in west Delhi but he escaped.

Later, he joined another marketing company in Tilak Nagar area which also duped hundreds of investors. Thereafter, he joined Almandine Marketing Pvt. Ltd.

"Efforts are being made to arrest Sukhdev's associates," the official said.