Ponzi scheme racket busted in Ahmedabad, three arrested
Ponzi scheme is considered as a fraudulent practise as per the Reserve Bank of India wherein the initial investors of the scheme are paid their interest amount over investment by using the money paid by later stage investors. December 17, 2020 4:51:52 am
Around 2.45 pm, six persons on two scooters arrived at the site and allegedly started arguing with the police.
The Ahmedabad Police Detection of Crime Branch (DCB) on Wednesday arrested three persons and unearthed a ponzi scheme being run for the past three months at Vastrapur in Ahmedabad.
According to police, Akhtar Hussain Khan, a native of Alwar in Rajasthan, Puja Singh, a native of Bhopal in Madhya Pradesh and Sunil Yadav, a native of Bijnor in Uttar Pradesh, have been arrested for allegedly running a ponzi scheme from their office ‘Games for Victory’ private limited in Abhishree Adroit business complex in Vastrapur.