Ponzi scheme: Senior citizen duped of Rs 9.5 lakh in Ahmedabad

A 68-year-old man was allegedly duped of Rs 9.5 lakh on the pretext of an investment. The fraudster first called the victim in September 2016. A complaint was lodged with Odhav police on Wednesday. 

Bengaluru-based Manohar Bhindrao told police that he was contacted by one Chandrashekhar Yadav, of Odhav, who lured him of attractive investment plans. Yadav allegedly told Bhindrao he will get Rs13,250 bonus every month upon an investment of Rs 1lakh. Believing him, Bhindrao had deposited Rs1lakh and even got the return in the next month. 

The victim also informed police that he invested Rs10 lakh in October, following which he got Rs1.40lakh returns. However, when the money stopped coming, Bhindrao called Yadav and found that the company was closed due to the financial crisis. The accused, however, also promised him that the money shall be returned in 2 to 3 months. 

Bhindrao took his words with a pinch of salt and came to Ahmedabad to meet Yadav in November 2017. 

The accused had allegedly agreed to return the due with 24 per cent interest. After reaching a compromised deal, Bhindrao returned to Banglore.