Nagpur: Eight arrested for running ponzi scheme; Rs 57 lakh cash seized

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Eight persons were arrested for allegedly running a fraudulent investment scheme promising high returns and Rs 57 lakh case was seized from them, a Nagpur police official said on Monday.

The ponzi scheme was busted after a raid on Saturday night at a flat in Lakadganj area, Zone I Deputy Commissioner of Police Anuran Jain said.

"A man invested Rs 1,000 and got Rs 1,030 in three days as return. However, after he invested Rs 7 lakh, the accused refused to pay interest or return the amount. After he filed a complaint, a raid was carried out. We seized Rs 57 lakh cash," the DCP said.

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All the accused are residents of Gujarat, he said, adding Rana Pratap Nagar police was probing further.

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