The accused, Omprakash Bansantlal Goenka, has been identified as the mastermind of the fraud and was arrested in Mumbai on Sunday.
The Nashik Rural Police has arrested the director and chairman of Citrus Check-Inns Ltd (CCIL) and Royal Twinkle Star Club (RTSCL) for a Rs 7500 crore Ponzi scheme allegedly run by these companies.
The accused, Omprakash Bansantlal Goenka, has been identified as the mastermind of the fraud and was arrested in Mumbai on Sunday.
Although the arrest has been made in connection to a particular case of cheating Rs 1.84 crore in Nashik's Lasalgaon village, the police claimed that the said companies under the various investment schemes have duped over 18 lakh people across Maharashtra, Gujarat and Goa after they were lured to invest in their schemes in exchange for high returns.
The police informed that the total amount invested by the victims is around Rs 4,500 crore while the companies owe more than Rs 7,500 crore to them.
The investigators said that the accused would initially pay a high return on the investments to lure more investors for their scheme. However, they stopped repaying the victims later.
"No legal documents were given to the victims after they deposited the money with the companies. Only a receipt would be given to the as a proof," said a police officer.
"A case of cheating was registered in Lasalgaon police station against the cheating of a Nashik based man to the tune of Rs 1.85 crore. Subsequently, the probe was transferred to Nashik police's Economic Offence Wing. Our team of policemen then traced the accused Goenka in Mumbai's Lower Parel area," said Sanjay Darade, the Nashik Police Superintendent. The accused has been remanded to police custody till May 30.
MODUS OPERANDI
- The investors would initially pay a high return on the investments to lure more investors for their scheme
- No legal documents were given to the victims after they deposited the money
- The companies stopped repaying the victims later
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Ponzi Scheme")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}