40 mins ago
Mumbai EOW Expands Probe Into ₹57 Crore Ponzi Scheme
Mumbai police are investigating an alleged investment scam.
The scheme promised people monthly returns of 7% to 8%.
Police say about ₹57 crore may have been collected.
Four people were arrested in mid-August.
Investigators have contacted nearly 1,000 investors to find more possible victims.
They are checking the scheme’s website, app and cash transactions.
Police also seized cash, vehicles, bank accounts and computers.
The investigation is continuing to trace the money and determine the full size of the alleged scam.
Mumbai’s Economic Offences Wing is contacting nearly 1,000 investors to identify victims and determine the total amount collected.
Police have arrested four people over an alleged scheme promising monthly returns of 7% to 8%.
The EOW says about ₹57 crore was collected through the accused’s website, application and other channels.
Investigators are examining cash transactions, financial records, agents and possible property purchases linked to the scheme.
Police have seized ₹12 lakh, two vehicles, nine bank accounts and seven laptops or desktops; the four accused are in Arthur Road Jail.
- Who
- The Mumbai Police Economic Offences Wing, four arrested accused and nearly 1,000 investors are involved.
- What
- The EOW is investigating an alleged Ponzi investment scheme that promised returns of 7% to 8% per month and has so far involved about ₹57 crore.
- Where
- The investigation is being conducted by the Mumbai EOW; the alleged scheme operated through a company, a website and an application, with promotional events also held in New Delhi, Goa and Manali.
- When
- The four arrests occurred in mid-August, and investors were being contacted during the ongoing investigation.
- Why
- Police are seeking to identify additional victims, determine the total amount collected, trace funds and examine possible property attachments.
Key facts
- Alleged amount collected
- About ₹57 crore, according to police analysis of the website and application
- Promised returns
- 7% to 8% per month
- Investors contacted
- Nearly 1,000; around 700 letters had been sent
- Arrests
- Four people arrested in mid-August
- Seized assets
- ₹12 lakh in cash, two vehicles, nine bank accounts and seven laptops or desktops
- Reported property purchase
- Around 25 acres of land in Kolhapur, which investigators said the accused planned to sell to investors
- Minimum investment
- ₹1,500
Quotes
Mumbai Police officer
Police officer involved in the Mumbai EOW investigation
“We analysed the website and the application operated by the accused and found that around ₹57 crore had been collected from investors”
freepressjournal.in
Sources
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