Ex-Army Man arrested Ponzi scheme racket busted by CCB,Rs.3.5 Crore cash Seized

Ex-Army Man arrested Ponzi scheme racket busted by CCB,Rs.3.5 Crore cash Seized
   

Ex-Army Man arrested Ponzi scheme racket busted by CCB,Rs.3.5 Crore cash Seized

The Economic Offence wing of Central Crime Branch police on Saturday arrested a 51-year-old Ex-army man for cheating lakhs of people offering online investment in UK based companies and huge returns and recovered Rs.3.5 Crore from his possession.

The accused has been identified as,Johny KV,51, resident of Basaveshwaranagar and native of Kerala.

Senior officer told media persons,Based on the complaint,about the Ponzi Scheme type cheating is being done by a company name JAA Lifestyle through online and has cheated lakhs of people offering online investment in UK based companies.

Acting on the complaint a team of officials from the Economic offences wing of CCB,raided the office in Basaveshwaranagar and arrested Johny KV charging him under cheating and Banning of unregulated Deposit Schemes Act.

During investigation the accused confessed the team grilled the accused Johny,native of Ernakulam in Kerala,a detailed investigation by ths team it was revealed that the accused the director of JAA Lifestyle served as a soldier in Indian Army and retired as Nayak,recently started this business in December last year.

Claiming to be an active member of a US Based company, he lured people on social media and whatsapp groups and zoom meetings,offering minimum investment and huge returns through chain link and pyramid style of business.

The accused was luring people to pay Rs 1109 to get basic membership and send 60 advertisements to their social media account to watch them and offer to pay  Rs 4 for watching each Ads to earn a minimum of Rs 240 per day.

After initial payments,he would then lure them to pay for premier membership and get more people into the business to earn commission.

Trusting him, lakhs of people have invested since December and paid the accused as many as Rs. 3.5 crore.

The accused was aiming to get 30 lakh people into the fold and collect money before fleeing to another city.

However, before he could wind up his business , the CCB police arrested him and took him into custody

CCB Economic Offences Wing raid a Ponzi Chain Link scheme promised monthly income just by getting membership for this scheme..Rs 3.5 Crores seized.Further investigation on..PEOPLE TO BE CAREFUL BEFORE INVESTING IN SUCH SCHEMES Says Joint CP Crime Sandeep Patil.

A case has been registered in Magadi road police station under,406,420,r/w,34 IPC,(21),BUDS Act 2019 and further investigation is on to ascertain his network and a detailed investigation will be done.

Finally Bengaluru Police Commissioner,Kamal Pant has appreciated Joint CP Crime,Sandeep Patil,DCP Crime-2,BS Angadi,and his whole team for the commendable and exemplary job done by them nabbing the accused who was about flee from the city after cheating people but a swift action has helped many customers who are lured by this conman and a suitable reward will be given to the team he added.