Arrest of a Former Lawyer in Ponzi Scheme Case
The Economic Offences Wing (EOW) of the Delhi Police has apprehended a 36-year-old ex-lawyer for allegedly defrauding around 200 individuals of nearly ₹100 crores through a Ponzi scheme. This scheme promised high returns on investments in the stock market, as reported by officials on Wednesday.
According to a police statement, Sanjay, a resident of Geeta Colony, was arrested following multiple complaints against him and his associates for encouraging people to invest in companies operating under the banner of TradeCop.
The statement revealed that Sanjay and his partners launched investment plans claiming to offer an eight percent fixed monthly return. Investors were assured that their money would double within 25 months.
Following a collective complaint from several investors, a First Information Report (FIR) was filed in February of this year. The statement indicated that 56 complainants have alleged a loss of ₹2.5 crores to the Economic Offences Wing (EOW). However, the investigation has uncovered that at least 200 individuals have been swindled out of approximately ₹100 crores.
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