EOW arrests member of Ponzi company who duped 130 people of Rs 5 crore
| Thursday | 6th August, 2020
Police have said the 130 complainants had lost around Rs 5 crore to the alleged chit fund company, which ran their business on a multi-level marketing model.
"When the accused company collected a huge amount from the victims, they deliberately stopped the payment of returns to the victims and shut down their office premises," he said.
They printed and published a brochure of this company, made flashy websites about their national and international events, awards and international businesses.
The accused organised seminars and launched this Ponzi scheme in luxury hotels in Delhi, sending invites to investors.
The return of about 200 per cent was promised to be paid on a monthly basis over a period of 18 months," Mishra said.