The scheme, allegedly initiated by a company asserting its role in developing applications for Google, enticed investors between the years 2020 and 2024 with misleading promises of significant returns generated from advertisements
The police have issued look-out notices for four other suspects. Representational Pic
The Thane police have apprehended an additional individual in relation to a Ponzi scheme, wherein over 100 individuals are purported to have been defrauded of Rs 91 crore, as stated by a senior official on Thursday.
With the most recent arrest occurring on Wednesday, a total of three individuals have been taken into custody by the police's Economic Offences Wing concerning the fraudulent activities, as noted in a statement by Deputy Commissioner of Police (EOW) Parag Manere, according to news agency PTI.
Additionally, the police have issued look-out notices for four other suspects, and there are ongoing efforts to locate all individuals involved in this scheme, he added.
The scheme, allegedly initiated by a company asserting its role in developing applications for Google, enticed investors between the years 2020 and 2024 with misleading promises of significant returns generated from advertisements, according to police reports, reported PTI.
"Under the scheme, 124 investors have been cheated to the tune of Rs 91.63 crore. The count is still on," the official stated, reported PTI.
So far, nine accused have been identified and named in the FIR registered with the Vartak Nagar police station here under Indian Penal Code sections 406 (criminal breach of trust), 409 (criminal breach of trust by public servant, or by banker, merchant or agent), 420 (cheating) and 34 (common intention), and the Maharashtra Protection of Interest of Depositors (MPID) Act, the official said.
The police on Wednesday arrested Parag Ashokkumar Shah (47) from Narayangaon in Pune. He was later presented before a local magistrate in Thane and remanded in police custody till June 11, the official said.
The police earlier arrested Rajesh Khedabai Pambar alias Rajubhai in March and Pravinkumar Mansukhbai Vor, both hailing from Gujarat, in April this year in connection with the fraud, as per the official.
Earlier, Bollywood actor Dino Morea and his brother Santino were questioned by the Economic Offences Wing (EOW) of Mumbai Police in connection with the alleged Rs 65-crore Mithi River desilting scam.
This was the second time in three days that the actor had been summoned by the EOW. The brothers appeared at the Mumbai Police Commissioner’s office, where their statements were recorded.
(With PTI inputs)
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