Archive · 23 Aug 2025
Financial Scam: Over 13,000 Investors Cheated of ₹100 Crore
Imagine some people said they had a special club where if you paid them money every month, you could win cool prizes like cars and gold!
Over 13,000 people joined, giving them money hoping to win.
But the people running the club took all the money and ran away, leaving everyone without their money and no prizes.
The police caught the people who did this and are trying to get the money back to give it to those who were tricked.
Two men allegedly defrauded over 13,000 investors through fraudulent deposit schemes.
The schemes, 'New India Royal Scheme' and 'Green Light Lucky Scheme,' promised jackpots and refunds.
Investors contributed ₹1,000 monthly, expecting winnings and deposit returns.
The accused vanished after collecting over ₹100 crore, triggering panic.
Police arrested the men and seized assets, urging victims to submit claims.
- Who
- Mohammed Ashraf and Mohammed Hanif, who ran the schemes; over 13,000 investors.
- What
- A fraudulent deposit scheme offering prizes and refunds.
- When
- The schemes operated for an unspecified period; arrests made on August 12.
- Where
- Coastal Karnataka, India.
- Why
- To defraud investors of over ₹100 crore.
Victims
Perpetrators
Financial Loss
Victims
Victims lost money in fraudulent schemes.
Perpetrators
N/A
- Scheme Names
- New India Royal Scheme, Green Light Lucky Scheme
- Investors
- Over 13,000
- Amount Stolen
- Over ₹100 crore
- Accused
- Mohammed Ashraf and Mohammed Hanif
- Arrest Date
- August 12
- Legal Action
- Under the new Bharatiya Nyaya Sanhita (BNS) and the Banning of Unregulated Deposits Schemes Act