New Delhi, Aug 26 (IANS): A 35-year-old interstate fraudster has been arrested for duping a number of people of crores of rupees by luring them to invest in his chit fund company, police said Tuesday.

Naveen Singh, resident of Dwarka in west Delhi, was arrested Saturday near Tikri border of Mundka area in west Delhi.

A police official said Naveen, along with his family members and other associates, had founded a chit-fund company at Rohini in north Delhi in the name of 'NCR Multi National'.

"Naveen lured a number of people to invest in his company promising them high rate of interest," said Additional Commissioner of Police (Crime Branch), Ashok Chand.

"People invested in his company in recurring deposits, fixed deposits and monthly installment schemes. After taking crores of rupees from the investors, he, along with his associates, fled," said Chand.

Chand said Naveen floated some other companies in different names at different locations in India and, using the same modus operandi, he duped a number of investors.