Ponzi scheme Scam busted by High Grounds Police four held

Dr.Thomas (Special Correspondent)

T he High rounds police arrested a gang of four people who are running a ponzi scam offering high returns for the investors .

The accused Sheikh Sadiq Ali,Yogesh N,Pramod Gopinath and Sunil Joshi launched E-Biotorium network private limited rented out a office at Ambedkar Bhavan on Millers road and have received investment from over 1000 customers promising high returns.

Initially the accused would offer freebies and high rate of interest to the early bid customers to attract more clients.

The accused would also promised exorbitant rate of returns to the customers for getting more clients to the company .

The accused had planned to run the Ponzi scheme to accumulate crores of rupees and planned to escape before based on a complaint, the police swoop down the office and arrested the accused.

We have frozen their bank account and verifying the documents to ascertain exact number of investors and the money”Senior officer appreciated whole team of High grounds police station who has busted the racket he added.