Deputy Commissioner of Police Romil Baaniya said the mastermind of the gang, Pravesh Kashana from Loni in Uttar Pradesh, was arrested here on Tuesday.
Police also recovered two laptops, seven walky-talkies, 12 mobile phones, registers and SIM cards used to commit the crime.
The officer said Kashana employed young boys and girls in the call centre and gave them contact details of affluent account holders.
"They were then asked to make calls to these people to mislead them that their money would be doubled in a short span of time by investing in a particular bond or insurance," Baaniya said.
Following a complaint by the daughter of an 88-year-old man that he had been cheated of Rs 50 lakh by callers who promised him high returns, police went after the racket.
They found out that the money was transferred to nine different accounts, many of which were opened on fake documents.
Baaniya said that technical surveillance led to the arrests and that some others involved in the crime were being tracked.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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