<img src="http://images.mid-day.com/images/images/2017/jul/kolkata-arrest.jpg" alt="" width="670" height="400" />Representational picture
Seventeen people have been arrested after the Navi Mumbai crime branch busted a major Ponzi scheme racket in the city yesterday.
According to the police, the Ponzi scheme racket operated in the name of JeeoIndia. On Sunday, crime branch officers conducted a raid at a promotion at a function that was going on in a hotel in Kalamboli. The material used for the promotional event was seized and 17 people, including one of the main promoters, identified as Sudhir Patil, were arrested.
A case has been registered with the Kalamboli police station under Sections 420, 406 and 34 of the Indian Penal code along with relevant sections of the Prize Cheats and Money Circulation (Banning) Act and Information Technology Act and Maharashtra Protection of Interests of Depositors Act.
Hemant Nagrale, commissioner of police, Navi Mumbai said, "Prima facie it is revealed that organisers lured investors by promising as high as one per cent returns per day on their investments. The promoters also marketed the multi-level marketing scheme to generate more response by giving commission to the agents. Further investigation, is being done by the Economic Offences Wing of the Navi Mumbai Police," he added.
The commissioner of police has further appealed to the public against investing in such ponzi schemes and to also come forward and contact the police if anyone has been cheated by this scheme.

Accused lured people with returns as high as one per cent per day &nbsp;

Navi Mumbai police arrests 17 for Ponzi racket

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Navi Mumbai police arrests 17 for Ponzi racket

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Ganeshotsav 2026