Rs. 1 Billion Ponzi Scam: 3K Investors Duped by Engineers

The two mechanical engineers in Mumbai, India, were arrested in a Ponzi scam. The Mumbai Economic Offences caught the culprits from Mumbai, Thane, and Mulund. The accused are identified as Hariprasad Venugopal, 44, and Pranav Raorane, 43.

How did they fool people?

They both started a company called Moneyedge Group along with two other partners. After Moneyedge Group, they established four companies: Moneyedge Investment, Moneyedge Fincorp, Moneyedge Realtors, and Moneyedge Capital Services.

Culprits attracted investors with 24% annual profits, stating that payments could be sent monthly and assured them that their funds would be used to trade stocks, commodities, or real estate.

The police have received 100 complaints from victims. They reportedly duped around 3,000 investors, raising INR 1 billion.

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