He told Jugran that his executive Durgesh Kumar would visit him the next day to collect the cheque and documents.

'Durgesh then insisted that Jugran must sign a fresh cheque saying that the first cheque was not properly signed. Durgesh gave a pen to Jugran to sign the fresh check,' said Deputy Commissioner of Police (South Delhi) H.G.S. Dhaliwal.

'The ink of this pen evaporates when rubbed with hand. The accused used to fill out the same cheque and deposit it in an account opened in fictitious names and later used to withdraw the amount,' he said.

According to police, the two withdrew Rs.96,300 from Jugran's account.

And using the same modus operandi they cheated around 60 other people.

Dhaliwal said they were using mobile SIM cards obtained on fictitious papers to evade their arrest.

Describing Kumar as a 'very smart banker', Dhaliwal said he started his career with a leading insurance firm as a sales manager and led a team of 30 sales executives and worked there for three years. After that, he worked with two more private insurance firms before taking up the current job.

'Kumar ran a debt due to high ambitions and a lavish lifestyle. So he started duping people,' he added.