Ponzi scheme unearthed, investors lose over Rs 100 crore

 

Photo used for representational purpose only

 

Mateen Hafeez | TNN | Jun 16, 2018, 05:58 IST

 

MUMBAI: Citizens are feared to have lost over Rs 100 crore in yet another Ponzi scheme. The city economic offences wing (EOW) began searches at the offices of Atharva 4 U Infra and Agro Pvt Ltd on Friday. The action comes two days after the police registered an FIR against four directorsof thefirm.

The accused lured unsuspecting investorswiththe promise of doubling their money.

Those named in the FIR include Shivaji Niphade, Ganesh Hajare, Sachin Gosavi and Mukesh Sudesh. “Our teams are conducting searches at the firm’sofficesin Dahisar,Dadar and Thane. We have seized a server and over half a dozen computers. Teams of forensic experts have been called in for cyber analysis of the server and computers,” said an EOW officer.


“The firm claimed it had business interests in construction, travel and tourism, educational institutions, hotels and resorts etc. The directors claimed would invest money (collected from investors) into these businesses,” said an officer.

Dahisar resident, Sneha Deware, had lodged a police complaint stating she had invested Rs 36,000 in 36 months and was promised Rs 49,000 on maturity of the scheme in 2017. However, she did not get the returns or the principal she invested.

“Investigation has revealed the accused duped victims to the tune of over Rs 100 crore,” said an officer, adding the amount could go up if more victims came forward.
Investors were given various investment options and they could start with a minimum Rs 1,000 per month.

The fraudsters had promised to double the money if invested for five years, triple return on investment for seven years and give four times return on investment if investors made a 10-year commitment.
The Times of India, June 16, 2018