When Andheri resident Lancy D’Souza, 40, heard of a scheme where he would receive 10 times the amount he invested in a Thane firm, he thought he had hit a jackpot. D’Souza invested Rs6,500 in V Care, a Thane-based firm, in August 2009 and was promised Rs70,000 in 12 months.
He is among the 78 victims who lodged a complaint with the Naupada police on Monday.
The police arrested three officials, Balraj Malik, 32, Anju Pandey, 25, and Deepali Patil, 26. Sunil Saldanha, the managing director, is missing. Police suspect that nearly 40,000 people have been cheated and the total fraud could run into crores.