EOW Cracks Rs 100 Crore Ponzi Scheme; Mastermind Arrested
Delhi Police's Economic Offences Wing has apprehended a former advocate for orchestrating a Rs 100 crore Ponzi scheme, exploiting investors by promising high returns from stock market ventures. With accomplices still at large, 56 victims have reported losses. Authorities urge caution against unverified high-return investments.
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The Economic Offences Wing (EOW) of Delhi Police has arrested a former advocate, Sanjay, accused of engineering a Rs 100 crore Ponzi scheme. This scheme allegedly swindled investors by luring them with promises of steep returns through stock market investments.
According to authorities, Sanjay, a Geeta Colony resident, orchestrated the fraudulent operation through companies like Trade Cops Pvt. Ltd. and Tradecop Financial Services. Promoting a fixed monthly return of 8% to investors, the scheme banked on claims that their unique 'in-house algorithms' could deliver monthly returns exceeding 20%.
The EOW's intervention came after a complaint, led by Gaurav Goyal, under the Bharatiya Nyaya Sanhita and the Banning of Unregulated Deposit Schemes (BUDS) Act was filed. With ongoing investigations, officials caution the public against enticing but unverified stock market schemes.
(With inputs from agencies.)
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