The Tilak Nagar police in Bengaluru have arrested four suspects involved in an alleged ponzi scam case in which 34 people were reportedly cheated to the tune of Rs 1.91 crore. According to a statement by the police, the company that the four people worked at had drawn in Rs 4.21 crore from customers and had later paid back only Rs 2.31 crore to 57 customers. A senior police official told TNM that the four people arrested were office bearers of the ponzi company and the scam was valued at Rs 4.32 crore.
A police statement said that the company was named Iqra Wealth Management and it was started in 2017 at a rented building in Jayanagar but closed down in September 2020. According to the police, the main company office had also closed down. Following this, the police searched the house of the accused and found a laptop that contained all the details. The police are currently investigating further based on these details.
The police had sent notices to all the 91 customers of the company and asked them to register an official complaint, if any, against the company with the necessary documents. “Two notices have been sent to each customer over WhatsApp and their registered postal address to register a complaint if any with the necessary documents,” the statement said. So far, according to the police, 21 people have visited the police station and given their statements. According to the police, the 21 people have lodged a complaint for claims worth Rs 2.49 crore left unpaid by the accused.
The statement said that the four accused, who were office-bearers in the company, had given Rs 12 lakh to some unidentified person. They submitted the money back to the police following an enquiry by the police, the statement said. Further, the accused had given over Rs 1 crore to another person to invest in a Demat account. The police say that the person who was paid is currently not in Bengaluru and the enquiry is pending.
The police also said that the account documents of the company have been sent for audit and the exact value of the transactions will be received.