Noida: Noida police have arrested a criminal who duped thousands of investors on the name of fake bike taxi company. Cops said that the accused committed fraud to the tune of Rs 25 crores and also carried a reward of Rs 25, 000 on his arrest. According to police, the arrested accused has been identified as Rajesh Khantwal, native of Sihani gate area in Ghaziabad. The arrest was made by Noida police’s Economic Offence Wing (EOW) team, said police officials. Also Read – After eight years, businessman arrested for kidnap & murderVineet Jaiswal, Superintendent of police, Noida said that the accused had floated a fake taxi company and dupe nearly five thousand people by promising them lucrative profits when they invest in the company. “The accused had registered a company named Mapple Innovative private limited in sector 58 area of Noida and introduced a scheme-‘MIP cabs’, where they asked people to invest Rs 62, 100 thousand and promised Rs 10, 100 monthly returns for 12 months.” Also Read – Two brothers held for snatchings”The scheme was somewhere similar to that of a multi-level marketing scheme where the existing members are promised incentives if they join more persons to the scheme,” said Jaiswal. The officer further said that the gang had conducted fraud worth Rs 25-26 crores through the scheme. “Upon sustained investigations, we have found transactions of Rs.25 crore in two bank accounts. The gang was active from past few years and have duped thousands of people of various cities of western Uttar Pradesh including Delhi-NCR. We are trying to arrest other gang members as well,” added Jaiswal. Over a 100 protesters have been staging a protest since past two days alleging that police have not arresting the accused who have duped them with their savings. Around 14 more accused have to be arrested in the case, police are trying to trace them while the presence of two more accused was found to be in Ghaziabad area. The protesters have alleged that in January 2019, the company distributed cheques dated August and July 2019 to the investors claiming their money would be returned but have stopped responding them.