Maha: Three held for duping people of Rs 65.8 lakh in ponzi scheme

An offence has been registered against three people for allegedly duping people of more than Rs 65 lakh in a ponzi scheme in Maharashtra's Nagpur city, police said on Sunday.

The accused had allegedly collected Rs 65.82 lakh from several residents of Tajbag and Hasanbag areas of the city between December 2022 and January this year, an official said.

They promised to double the invested amount every month and had initially extended some benefits to a few persons but later started defaulting, he said.

Based on a complaint, a case under sections 420 (cheating) and other relevant provisions of the Indian Penal Code has been registered against the trio, the official added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)