The Crime Branch of Delhi police has arrested JVG group owner V. K Sharma for allegedly duping investors of crores of rupees.

Sharma, a 51-year-old school drop-out, floated as many as 17 companies and cheated investors to the tune of a whopping Rs 1,000 crore.

He reportedly aimed at establishing a business empire worth more than Rs 12,000 crore but ended up as a big cheat. He had announced that he would make investments in diverse fields, including power, cement, steel, hotels, aviation and textiles.

He wanted to establish mega townships in various parts of the country, including Patna, Gurgaon, Hyderabad and Mumbai. He also launched a detergent and washing bars brand called Avatar.

Ravindra Yadav, Additional Commissioner of Police (Crime), said, "He is wanted in ten cases of cheating. He floated 17 companies and cheated lakhs of investors all over the country to the tune of Rs 1,000 crore."

He was declared a proclaimed crook in the year 2011. After that, he went into hiding and the police announced a reward of Rs 1 lakh on his head.

Mr. Yadav added that Sharma was driving a Mercedes E-class car and carrying a .32 bore pistol with five live cartridges when arrested from near Pragati Maidan following a chase of nearly 10 kilometers.