Delhi Police unearths massive ponzi scheme scam

Delhi Police unearths massive ponzi scheme scam

Economic Offences Wing of Delhi Police unearthed a massive Ponzi Scheme Scam with the arrest of kingpin Sanjeev Upadhyay for cheating over hundreds of People.

More than 130 complainants alleged in their joint complaint that the accused have been running a partnership firm and induced them to invest in his firm with 200% assured return on a monthly basis.

After preliminary enquiry, the EOW registered a case and investigation has been taken up.

During the course of investigation, several bank accounts of the accused were detected, scrutinised and action taken to safeguard the interest of gullible investors.

Crores of Rupees were withdrawn by the accused through numerous self cheques which have been signed by him.

Department of Non Banking Supervision of RBI confirmed that the accused has not been authorised for functioning as NBFC or for collecting money from the public at large or to float any such scheme.

Further investigation of the case is in progress.