A Bengaluru conman has been arrested for allegedly duping a Delhi businessman of over Rs 10 crore on the pretext of selling a “radioactive plate” that would fetch a profit of Rs 500 crore in the international market.

The accused has been identified as Atheeq Ahmad, a resident of Bengaluru.

According to the police, Sanjay Taneja, who runs a paint and hardware shop in Delhi’s East of Kailash colony, complained that a gang of 22 people, including Ahmad, had cheated him of Rs 10.63 crore between March 2016 and September 2018 to facilitate the sale of the “radioactive plate,” which was purportedly approved by the Defence Research and Development Organisation.

Additional Commissioner of Police (Economic Offences Wing) R.K. Singh said the victim, through this deal, was assured of a profit of Rs 500 crore.

“The money was taken through bank transfers, cheques and cash. The bank statements were analysed and it was found that the money had gone into the account of M/s Barclays Metal World. This was shown as a U.K.-based foreign company and a prospective buyer of radioactive material,” the officer said.

The accused continued to delay the sale on the pretext of testing the material and kept on receiving money from the complainant towards its maintenance in various companies including M/s Barclays Metal World run by them, the police said.

On verification, M/s Barclays Metal World was found to be dealing in metal scrap and was owned by Ahmad.

The police said that another accused Bhawani Singh Shekhawat had also been arrested and further investigations were being carried out to apprehend the other culprits.