1 year ago
IIT Graduate Arrested in Rs 65-Crore Ponzi Scheme
Imagine someone named Pratik who claimed to be super successful and promised big money returns to people who invested with him.
He pretended to be an IIT graduate and used a fake name, Rohan Menon.
He said he had a company in Dubai.
People invested lots of money, but he was just using their money to pay earlier investors and live a lavish life.
When people wanted their money back, he gave them fake checks.
The police caught him, and it turned out he had been arrested before for doing the same thing.
He had even gotten a fake citizenship to help hide what he was doing.
Now he's facing charges for a big fraud.
Pratik Radhakrishnan, an IIT graduate, was arrested in Bengaluru for allegedly running a Rs 65-crore Ponzi scheme.
Radhakrishnan lured investors with promises of high returns through a Dubai-based firm, using the alias Rohan Menon.
He obtained citizenship in Saint Kitts using forged documents and attracted investments since 2024.
The scheme involved investments from various cities, with funds allegedly rerouted to UAE accounts and cryptocurrency.
Radhakrishnan was previously arrested in 2023 for similar fraud, with multiple cases registered against him.
- Who
- Pratik Radhakrishnan, using the alias Rohan Menon, and various investors.
- What
- Pratik Radhakrishnan was arrested for allegedly running a Rs 65-crore Ponzi scheme.
- Where
- Bengaluru (arrest), Dubai, Chennai, Mumbai.
- When
- Arrested on July 6; the scheme began around 2024.
- Why
- Radhakrishnan allegedly defrauded investors by promising high returns, using their investments to fund his lifestyle and pay off earlier investors.
Victims
Accused
Financial Losses
Victims
Lost large sums of money due to fraudulent investment schemes.
Accused
N/A
Key facts
- Alleged Scheme Value
- Rs 65 crore
- Alias
- Rohan Menon
- Citizenship
- Saint Kitts (obtained fraudulently)
- Previous Arrests
- Yes, in 2023 for similar fraud
- Claimed Education
- IIT Madras
- Modus Operandi
- Attracting investment promising high returns and re-routing funds.
- Victim Location
- Pune, Mumbai, Bengaluru, Kerala and Chennai.
Sources
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