Navi Mumbai: The Navi Mumbai police on Sunday arrested 18 people for allegedly organising a seminar on Ponzi scheme. The seminar in Juinagar urged the participants to invest in ‘Crypto currency’ in the name of ‘One Coin’ and promised them returns from 2018.
“We attended the seminar in civil clothes and heard the whole presentation after which they presented a few people claiming that they had earned ₹5 lakh and ₹10 lakh by investing in the scheme. They also played video clippings of Prime Minister Narendra Modi, where he encouraged digital transactions. This particular company has no registration with the RBI nor does it have any licence for running such financial schemes promising high returns. Hence we arrested the 18 people who had organised the seminar and are investigating the case to trace the master mind,” said Police Commissioner Hemant Nagrale, adding, this scam is being run by the accused in Navi Mumbai, Thane and other parts of Maharashtra.
As per the scheme, the investor has to purchase one coin for ₹11,900 and when the rate of the Crypto currency rises, the rate of the coin also goes high. “The coins were virtual coins and when the rates of the coins go up, one can sell those coins to another person and earn cash, and the chain goes on,” said Mr. Nagrale.
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The Navi Mumbai police made the participants understand how the scheme was fraudulent.