A man was arrested by Uttar Pradesh police on Saturday for allegedly cheating over 600 people of around Rs 600 crore on the promise of a 60 percent return on their investments.

The accused, one Hari Om Yadav from Chandpur village in Lucknow, has been arrested by the Special Task Force (STF) of the UP police at around 5 AM.

The police confiscated three mobile phones, five cheque books, one passbook, an Aadhar card, a laptop and Rs 700 cash from the accused, said STF in a statement.

A case was registered in this connection at Gosaiganj police station under various sections of the IPC, and as many as nine members of the gang were arrested earlier on September 15, the statement added.

During the investigation, it was found that a racket was being run through a multi-level marketing mechanism, with Hari Om Yadav, doubling as CMD's of Alaska Real Estate Pvt Ltd, Alaska Commodities and Alaska Enterprises and duping around 600 persons for Rs 60 crore.