The Crime Branch’s economic offence wing has arrested three people including a woman for running a Ponzi scheme named Game For Victory.
The company offered 1% interest per day to those who invested with it. The lid was blown off the crime after an aware investor informed the police about the scheme.
As per the complaint by one Jignesh Vaghela, a resident of Pragatinagar in Naranpura, the company Game For Victory Private Ltd operated out of Abhishree Android’s office no 303 in Mansi Crossroads and came into being on September 17, 2020.
The company operates an application Victory World where it ran a Ponzi scheme by seeking investment from people and offered 1% interest per day.
The company has through its scheme transacted over Rs50 lakh in the last three months.
Vaghela told police that he had invested Rs10,000 in the company and he had been getting Rs85 per day after deduction of TDS and administrative charges. But the amount in his account was being credited from a different company.
He doubted the operation and a month ago went to the company and asked for his investment to be returned. The company failed to repay him and he informed the police that many people are likely to lose their money as the company will soon go kaput.
The cops then raided the office and detained Rajasthan resident Akhtarhussain Ahmedkhan, 31, Puja Sindhu, 27 from Bhopal, and Sunil Yadav, 37 from UP.
The three reside in Thaltej. The cops are on the lookout for the company director, Ashishkumar Patel, who originally belongs to Madhya Pradesh.
Cops have seized several documents, laptops, and mobile phones in the raid.
How the Ponzi scheme operated
The company offered investments with 1% to 2.5% cashback and a minimum withdrawal of Rs100.
The schemes included investment offers ranging from Rs2500 to Rs 1 lakh and offered daily interest of Rs25 to Rs 1000 and additional booster income per day. It also offered additional benefits including up to 10% interest to existing investors in terms of money if they got more investors in the company.
When cops raided the company, a customer, Kirit Soni, a resident of Astodia was in the office who had come to demand his Rs10,000 worth of investment back.
The cops also found three agents, Santoshsinh Ravat, Sanjaysinh Chauhan, and Hopalsinh Rathod who told the police that they had been called by the company to explain its investment schemes.
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