Ponzi scheme: EOW sleuths arrest five in Navi Mumbai


The Economic Offences Wing (Unit I) of the Navi Mumbai Police has arrested five people for cheating people in an alleged Ponzi scheme in Vashi.

The accused have been identified as Capital Club Traders’ proprietor Ganesh Shinde and agents Abhijit Jadhav, Samadhan Chinchole, Baban Sadar, and Sanjay Garware. Another proprietor identified as Ravindra Chaudhary from Nagpur is wanted. “He has gone absconding after he learnt about the police raid at his office on November 7. He also has other cheating cases registered against him,” senior police inspector Shyam Shinde from EOW (Unit I) said.

The accused had been operating from their office near Vashi railway station since July 2019. They promised a return of 3% every week to the investors.

The action taken was suo moto by the police on learning about the deposit scheme introduced by the firm. “The documents seized from their office revealed that they had collected ₹14.53 crore from 4,841 investors. Though the action was suo moto, now we have 15 investors who have informed us about their investments. Investors felt if they told the police they would not get their returns but they need to understand that the intention of these men were to cheat people,” Mr. Shinde said.

The accused offered schemes starting from ₹16,000 to ₹2.32 lakh. Besides the weekly returns, they offered multilevel marketing schemes in which they offered 1 per cent sales bonus per 20 weeks and 2% binary income of the investor’s sum to the person who introduced an investor.

“People believed their claims as they convinced them that the money would be invested in share market and forex trading. The accused also gave them gold and silver coins worth 50% of their invested sum to win their confidence,” Mr. Shinde said. The accused are in police custody till Saturday.

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Printable version | Jan 28, 2020 9:12:49 AM |

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