A 37-year-old man was arrested on Friday for allegedly cheating more than 500 people to the tune of crores of rupees by inducing them to invest in various Ponzi schemes and usurping the money, police said.

The accused was identified as Sanjeev Kumar, a resident of Ghaziabad.

“A complaint regarding cheating through Ponzi schemes was received last year and the accused was arrested from Ghaziabad,” Additional Commissioner of Police (EOW) OP Mishra said.

Interrogation revealed that the accused with his associates had induced people to invest in different Ponzi schemes and usurped the money obtained from them, officials said.

Kumar has cheated more than 500 people under various schemes to the tune of crores of rupees, they added.