The accused allegedly floated two ponzi schemes Aryan Pratidin Fund and Aryan Reserve Fund in January 2016, and lured investors with promise of high returns, an official said
Representational Pic
An offence has been registered against two brothers for allegedly floating a ponzi scheme and cheating investors to the tune of Rs 20 lakh in Maharashtra's Nagpur district, police said on Sunday.
Based on a complaint lodged by an investor, the police on Saturday registered a case under section 420 (cheating) and other relevant provisions of the Indian Penal Code and Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, an official said.
ADVERTISEMENT
Also Read: Modi govt weakening laws framed by UPA to empower tribals: Rahul Gandhi
The accused allegedly floated two ponzi schemes Aryan Pratidin Fund and Aryan Reserve Fund in January 2016, and lured investors with promise of high returns, he said.
The accused collected Rs 20 lakh from investors and defrauded them, the official said, adding that further probe is underway.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
