Four unemployed men with no experience in finance, along with a 35-year-old man who had a Masters in Computer Applications (MCA), started an investment firm and allegedly duped over a hundred people of more than ₹65 crore.
The accused, Mohammed Shahid, 35, an MCA graduate, was unable to get a job, said the police. He teamed up with four friends — Ayub Ali, 41, Ilyaz Pasha, 40, Mohammed Mujahidulla, 41 and Mudassir Pasha, 35, to float a firm named AIMMS Ventures, with an office in Jayanagar 9th block, in September 2017.
“They persuaded people to invest by offering huge returns,” said a police officer.
Initially, the accused managed to pay investors the promised returns. As word spread, they attracted more clients, and within 15 months, allegedly amassed ₹65 crore, after which they shut shop.
Investors approached the police.
The accused have been taken into custody for questioning. Police are yet to trace the money. “They claim to have invested the money in various projects,” said a senior police officer.
