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MUMBAI: In a ponzi scheme, the city’s Economic Offences Wing (EOW) on Tuesday arrested two partners, including a mechanical engineer, of a firm for promising 24% yearly returns on investment and allegedly duping 100 investors of Rs 28 crore. The cheating amount in the case may go up to Rs 100 crore, said a police source.
Those arrested include Hariprasad Venugopal (44), who originally belongs to Kerala and stayed in Thane, and Pranav Raorane (43), a mechanical engineer and Mulund resident.
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The duo was produced before a court on Wednesday and remanded in police custody till Jan 22. Investigators said Rajiv Jadhav (43) and Priya Prabhu, a former postal department employee, are wanted accused in this case.
The arrested and wanted accused were partners in companies that cheated around 3,000 investors. So far, 100 investors have come to the police. The accused in 2013 floated a company, Moneyedge Group. Later, four different partnership firms-Moneyedge Investment, Moneyedge Fincorp, Moneyedge Realtors, and Moneyedge Capital Services-were started.
The accused lured gullible investors, mostly middle-class people, to invest in schemes promising 24% annual returns.
“While the accused promised an annual returns, they would distribute interest/ profit on a monthly basis. They assured investors that they would invest their money in the share market, commodities, and later in real estate. They also appointed distributors,” said an officer.
The accused had companies’ office in Mulund. Rahul Potdar (43), a Malad resident, approached the police in October, stating that he and his family invested Rs 2.8 crore in various schemes of the companies in January 2022. However, the companies stopped giving them returns in May last year.
Following the complaint, police began a preliminary enquiry (PE) and registered an FIR on Tuesday. Police said Jadhav and Venugopal used to work in mutual funds during 2008-09. Police said the money they got from investors was invested in real estate.
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