The Central Crime Department (CCB) police in Bengaluru have arrested three individuals who had been allegedly working a Ponzi scheme by luring individuals to take a position in cryptocurrency and assuring engaging larger returns.
The accused have been recognized as Raghavendra, Nagaraju and Shivamurthy, all residents of HSR Structure. Joint Commissioner of Police (Crime) Sandeep Patil mentioned, “The financial offences wing detected one other Ponzi scheme/chain-link scheme in HSR Structure… (they) promised greater than 20 per cent returns and warranted larger returns on getting extra members. Additional investigation is on.”
A police officer mentioned, “The accused ran a agency named FOMOEX at a non-public lodge in Yelahanka. They claimed enterprise presence in the USA, Singapore and China.”
The police mentioned that they had provide you with a chain-link mannequin in which members of the agency could make others be part of the platform and they might get fee for it. For example, in the event that they make an individual make investments 100 US {dollars}, the individual would get 10 per cent fee on the package deal each month, the police added.
It was additionally discovered that the accused had earlier cheated a number of individuals in an analogous chain-link scam.
