Days after a Rs 3,700 crore Ponzi scam busted in Noida that promised returns for hitting ‘likes’ online, another scheme has surfaced and is under the scanner for duping over 3,000 people. A Mt Abu-based Arbuda Credit Co-operative Society Ltd is facing the probe of Rajasthan and Gujarat police for duping people spread across these two states.
According to the reports, twelve FIRs have been filed in Gujarat and four in Rajasthan against the company in the last few days and police have estimated that the Ponzi scam could be about Rs 100 crore on the basis of initial reports.
According to the investigations, Arbuda Credit Co-operative Society Ltd owners, Rakesh Agarwal and his wife Asha Agarwal, who are untraceable since January 20, offered unrealistic easy soft loans and investment plans.
According to a leading daily, the society is suspected to have attracted over Rs 50 crore as deposits at 47 branches in Gujarat and Rs 50 crore in the head office at Mt Abu.
“They promised 18% interest on my three fixed deposits of Rs 50,000 each.When I went to claim my FDs for the marriage of my three nieces, I found that these were false promises,” said Mohan Bhai, who filed a complaint at Mt Abu police station.
Earlier this month Rs 3,700 crore Ponzi scam busted in Noida by the Uttar Pradesh Police’s Special Task Force.