Arunachal: Kingpin of Ponzi Scheme arrested from Bihar

In Arunachal Pradesh, the Capital Police have arrested the ringleader of the Ponzi scheme scam, which had defrauded about 6,000 investors worth about Rs. 17 crore.

Police on February 23 arrested Burj Kishore Chaudhary and his accomplices from Patna, Bihar, who were identified as Raju Dutta, Nishith Murthy, Joy Deep Dutta, Santosh Kumar, Bipin Kumar and Deepak Kar alias BK Sharma.

Speaking to media at his office near here, SP Jimmy Chiram said it took police about a year to arrest the king. He said the arrest was not easy as the accused was hiding in various places inside the country and police had to travel to other states.

Chiram said the ponzi scheme is a form of fraud that lures investors and gives profits to pre-existing investors’ funds.

“In 2021, Raju Dutta introduced a scheme to Ha Takio to invest his money in the stock market through a company called Algo Academy. An FIR was lodged after Takio fraud,” he said. He added that the case was related to a multi-level marketing scheme from August 2020 to March 2021.

Responding to the FIR, he said, police arrested four people from across the country through technical surveillance.

“The initial charge sheet was filed in 2021. However, with King Pin’s arrest, Capitol Police filed a supplementary charge sheet and another involvement is being investigated,” he added. He said that thousands of accounts were opened from Arunachal Pradesh and an investment of about Rs. 17 crore was made. Of this, Rs 80 million was returned while Rs 90 million was looted.

Police managed to trace Rs 71 lakh sent by the criminals to 14 different accounts, which were later frozen. He added that the investigation was complicated because it involved checking the website and using bank details and fake IDs.

“I urge the public to read the documents carefully before investing. If in doubt, verify before investing. The police cannot take suo motu action in such cases unless there is a written complaint.” Yes, ”said Chiram.

He also said that the case could be resolved only because of an in-depth police team led by Investigating Officer Inspector AK Pandey, Head Constable SK Jha and Nabam Sarbang, who provided technical assistance.