Six persons have been arrested by Navi Mumbai police for allegedly duping several thousand people through a ponzi scheme, a senior official said on Saturday.
A firm called AM Pictures accepted deposits ranging between Rs 3,000 to Rs 10 lakh from investors promising them interest of 1 per cent per day apart from incentives like foreign trips and free gifts, Navi Mumbai Police Commissioner Sanjay Kumar told reporters.
After the returns started getting erratic, some people approached police which arrested Ganesh Rajan Bhavanam (34), Lonachan Kuriaoke Kuriapuram (50), Kishore Rokade (46), Ankush Aher (50), SS Ramesh (34) and Ramesh Mane (49), he said.
"They have confessed to accepting deposits worth Rs 18.29 crore from 5,170 people. They paid interest amounting to Rs 2.48 crore to win confidence of investors. We have frozen Rs 75.28 lakh in their bank accounts," he added.
A case of cheating was registered under IPC and Prize Chits and Money Circulation Scheme (Banning) Act 1978 at Turbhe police station, Kumar said.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app