A case of cheating was registered under IPC and Prize Chits and Money Circulation Scheme (Banning) Act 1978 at Turbhe police station, Kumar said.
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 the 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.