Mumbai Crime: Close aide of Ponzi family held for duping cops, doctors

The brother of an inspector allegedly cheated several of Rs 22 crore by luring them to invest in schemes promising up to 400 per cent returns per annum

Accused Dharmendra Nikumbh, who was arrested from Dhule, is allegedly a close associate of the accused Shrivastav family
Accused Dharmendra Nikumbh, who was arrested from Dhule, is allegedly a close associate of the accused Shrivastav family

The Economic Offences Wing (EOW) arrested the second key accused of the six-member con group that ran a Ponzi scheme and allegedly duped 21 policemen and doctors of `22 crore. The group allegedly has targetted over 250 cops, including IPS officers and other senior policemen, who havent come forward as they dont want their sources of income and "unaccounted" cash questioned.

Also read: Ponzi schemer who duped Mumbai cops of Rs 22 crores arrested

In the net
Accused Dharmendra Nikumbh, who was arrested from Dhule, is the brother of an inspector serving in the Mumbai police and is a close associate of the Shrivastav family, whose five members, Karthik (39), his father Mohan Prasad, mother Vibha, wife Priti and sister Archita are all accused in the case. Karthik was arrested in February.

The family allegedly lured dozens of policemen and doctors by floating money-doubling investment schemes offering profits of 180 per cent and 400 per cent per annum.

"Nikumbh was arrested on Tuesday and is in police custody. He is a key associate of the Shrivastav family and was instrumental in luring policemen with false promises of high returns on investing money in fake schemes. He looked after all of their communication and administrative work. Many policemen fell prey to the scheme because of Nikumbh, who was the point person for several cops who invested money," said an EOW officer.

Innocence claims
During interrogation, Nikumbh claimed that he was innocent, and because he had himself got good returns on investing money with the Shrivastavs, he had recommended others, the officer said, adding that the police do not believe his claims and are investigating the matter.

Nikumbh has been booked under the relevant sections of the Indian Penal Code and the Maharashtra Protection of Depositors Interest Act for cheating, criminal breach of trust, criminal conspiracy and fraudulent default by financial establishments.

Advocate Ravi Yadav, the Shrivastav familys counsel, had said that all the allegations levelled against them were false and fabricated. He added that complainants have disclosed bare facts before the EOW, and are trying to defame the family with the medias help.

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