3 Arrested on Suspicion of Defrauding People for ₹1Cr+
3 Arrested on Suspicion of Defrauding People for ₹1Cr+
Nashik, Maharashtra: Three people have been detained by cyber police in relation to a Ponzi scheme that duped about 25,000 people out of more than ₹1 crore. The accused will be held in police detention until Tuesday, after the arrests on Saturday.
Pramod Billade (41), Chetan Mahajan (38), and Vishnu Patil (50) from Malegaon Camp have been named as the suspects.
Police claim that the three and two other conspirators created a website that lured investors with the promise of doubling their profits in 12 to 15 days.
Investigations showed that the plan ran from May to August of this year, according to a cyber police officer.
Under several sections of the Bharatiya Nyaya Sanhita, including criminal conspiracy, criminal breach of trust, and cheating, a complaint has been filed against them.
They are additionally charged under the Information Technology (IT) Act and the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999.
The accused ran the program without permission or registration from the Reserve Bank of India or any government agency, according to senior police inspector Subhash Dhavale of the cyber police station.
“The arrest of the other two individuals is imminent.” According to the officer, “The accused were accepting investments from individuals starting at Rs 10,000 and more.”
About the Author:
Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space. Besides writing for the News4Hackers blogs, he also writes for brands including Craw Security, Bytecode Security, and NASSCOM.
Read More:
A crypto investment scam made a loss of 1.6 Cr for a 54-year-old working woman
About Author
English