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States » West

6 arrested for Rs 10 crore ponzi fraud in Thane

Thane, Dec 6 (UNI) At least six people, including the chairman and MD of a firm, have been booked for allegedly being part of a Ponzi scheme in which people were duped to the tune of Rs 10 crore,
police said.
The arrested were identified as Chairman Shivaji Nikade, MD Ganesh Hazare and other directors including Lukman Shiakh, Sachin Gosavi, Mukesh Sudesh and Sulindra Chavan, police said.
It was in 2013, one of the friends of the complainant came to him and told him about ' Atharva 4 U Infra' and 'Agro Pvt Ltd' and investment opportunities and said that as an agent, he was getting all kinds of perks including bungalow, car and Rs 3 lakh as commission.
The complainant was told that besides Mumbai, the company had branches in Thane, Panvel, Talasari, Satara, Uran, Wada, Dahanu, Virar, Kolhapur, Roha, Ratnaigir, Solapur, Gujerart, Rajastan and Karnataka, among others.
Since 2010, he had been investing in the firm in the form of FDs and RDs and his relatives and friends had also invested in the firm.
Initially, incentives were provided but later they did not get any, following which one of them lodged a complaint against the company.
Police on Wednesday arrested six people in this connection.
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