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Greater Noida: FIR registered over ponzi scheme to dupe investors

Greater Noida: The police have registered a case in a “ponzi” scheme where a suspect promised investors returns but decamped with the money
PUBLISHED ON FEB 28, 2021 11:54 PM IST

Greater Noida: The police have registered a case in a “ponzi” scheme where a suspect promised investors returns but decamped with the money. The complainant, Praveen Kumar, a resident of Badalpur, has filed a case at the local police station.

Kumar said that in 2018, he had allegedly met a trading broker, who introduced him to the suspect, the director of an investment firm in Greater Noida. “The firm, Niftech Global Private Limited, had been operational in the area for over ten years. They told me of a lucrative investment offer and asked me for a minimum 1 lakh and get monthly returns of 4%, while the principal amount would have been safe,” he alleged. The suspect allegedly also asked the victim to ask his family members to invest, Kumar added.

Calls and texts by HT to the director of Niftech Global Private Limited elicited no response.

Kumar alleged he invested 6.5 lakh while his family members invested a total of 30 lakh. “The suspect gave us returns till February 2020 and then stopped. We visited his office and found it closed. We also visited his residence but did not find him. Locals there informed that the suspect has moved out,” he said.

Kumar alleged that several people from Noida, Greater Noida, Ghaziabad, Hapur, etc. had made an investment in the company and were cheated.

Harish Chander, deputy commissioner of police, Noida Central, said that a case has been registered against the suspect under Section 420 (cheating) and Section 406 (criminal breach of trust) of IPC. “We conducted a primary investigation and found that the suspect had got money from several people on the pretext of facilitating plots. He had also promised lucrative returns on investment to some people. We are yet to figure out the total number of people cheated and the amount duped in this case. We have registered a case and launched a search for his arrest,” he said.

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