Massive Ponzi Scheme in Thane: Over Rs 91 Crore Duped

The Thane police have arrested another individual involved in a Ponzi scheme that swindled over 100 people of Rs 91 crore. So far, three arrests have been made, with lookout notices issued for four others. The scheme, allegedly linked to app development, misled investors with false promises of high returns.

Thane police have made a fresh arrest in connection with a sprawling Ponzi scheme that defrauded more than 100 investors of Rs 91 crore. Deputy Commissioner of Police (EOW) Parag Manere confirmed the detention alongside two prior arrests.

The elaborate fraud, based on deceptive app development projects for Google, tempted investors between 2020 and 2024 with promises of substantial returns. The police have identified nine culprits, placing look out notices for four at large, aiming to bring all involved to justice.

The scheme has led to multiple arrests, including Parag Ashokkumar Shah from Pune. The case has been filed under various sections of the Indian Penal Code, and authorities continue to piece together the full scale of the scam.

(With inputs from agencies.)