The High Grounds police arrested a gang of four persons, who were allegedly running a ponzi scam offering high returns to investors.
According to the police, the accused, identified as Sheikh Sadiq Ali, Yogesh N., Pramod Gopinath, and Sunil Joshi, launched E-Biotorium Network Private Limited, rented an office at Ambedkar Bhavan on Millers Road, and received investment from over 1,000 customers.
According to the police, initially, the accused would offer freebies and a high rate of interest to early bird customers to attract more clients. The accused would also promise exorbitant rate of returns to the customers for getting more clients to the company .
The accused had planned to run the scheme to accumulate crores of rupees and had planned to escape, before, based on a complaint, the police swooped down on the office and arrested them.
“We have frozen their bank account and are verifying the documents to ascertain the exact number of investors and the money,” Srinivas Gowda, DCP, Central Division, said.
