2 nabbed in Mumbai for cheating investors of Rs 19 lakh in ponzi scam: Cops
The duo has allegedly cheated other people of crores of rupees and has cases against them at several police station in Mumbai.Updated: Dec 03, 2019 19:43 IST
Two men who ran a ponzi scheme were arrested in the last week of November for allegedly cheating a woman and her acquaintances of Rs 19.3 lakh in eastern Mumbai’s Ghatkopar, police said.
Police took the custody of the two men from the Economic Offences Wing in Thane which had nabbed them in October. The police said the accused ran the scheme in the name of KGN and took cash from the complainant and her associates assuring them of good returns.
Police said the accused were identified as Haroon Shaikh (35), a former auto rickshaw drive and Mukesh More (42). The duo has allegedly cheated other people of crores of rupees and has cases against them at Bhandup, Nehru Nagar and other police stations.
The police said the complainant Ayesha Francis Maglin 32 is a Ghatkopar resident and works with a multinational company in Mumbai. She started investing in KGN last year after being assured of getting Rs 1000 per month as profit on an investment of Rs 6,000. Maglin was informed about the scheme by her friend Jaida Shaikh and she invested more than Rs 1 lakh. She also requested many of her friends to invest in the scheme and as it gave good returns.
“Shabbir Ahmed a friend of Maglin invested Rs 6.60 lakhs and Parmila invested Rs 90,000. Overall more than five people invested Rs 19.30 lakh in the KGN company scheme. They got the assured returns for few months but later got to know that the firm was shutting down,” said a police officer who did want to be named.
In October, Maglin approached the Ghatkopar police and registered a case under section 420, 465, 467, 468, 471 and 34 of the Indian penal code. “Both of them were arrested in the last week of November and are in police custody. Haroon claimed that he gave the cash to his partner Mukesh More who invested it in properties, but after they started suffering losses the company had to shut down,” said the officer.
During investigation the police found that Haroon has a flat in Mira road in his wife’s name and few bank accounts which are to be verified. “We have recovered 40 tola gold from him worth Rs 3 lakhs. We found that he had cheated many people of crores of rupees before he announced the loss. While he is now under custody of Ghatkopar police, other police stations are also seeking his custody to investigate cases registered with them,” said a police officer.