Six persons have been arrested on charges of collecting deposits in the names of two separate companies on the promise of paying attractive monthly returns after a specific period and the deposit money in stipulated time, a top police official said here on Wednesday.

The modus operandi of one firm was that it collected Rs. 50,000 as deposit on assurance of paying Rs.12,500 for 12 months after 45 days. The deposit amount would be repaid after 400 days and it collected Rs 1.5 crore from 240 persons, police commissioner, P. Sivanandi told reporters here.

Based on complaints from the investors, police arrested the Managing Director of the company and two partners, after an investigation.

Police seized Rs. two lakh from the office and steps have been taken to freeze the bank account, he said.

In another case three persons of a firm, which collected Rs 1.75 crore from over 1,100 persons were arrested, including its Managing Director.

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