Thousands of investors in India are trying to restore nearly $ 100 million after catching them in a Ponzi program deceived to make short -term investments that promise high returns, according to police statement and multiple victims Reuters talked.
Indian police arrested two people on Saturday after submitting a case against Falcon Invoice’s discount, which promised yields of up to 22%, claiming to link depositors to the Amazon (Amzn.o), opens a new tab and biscuit maker Britannia
Falcon has raised 17 billion rupees (about $ 196 million) from about 7,000 investors from 2021, but has only paid half, according to police in the south state of Telangana.
Ankit Bihani, a jeweler based in New Delhi, met with 50 other investors last week to discuss measures, including legal corrective measures, to restore the collective 500 million rupees they said they had lost.
“Most of them (investors) met about the investment platform through social media and invested in it,” Bihani said Reuters.
Falcon used money from new investors to pay earlier and divert the other funds to various shell entities, police said. Authorities are chasing Amardeep Kumar, Falcon’s founder and the main defendant, a source said.
However, some of the victims who spoke to Reuters wonder if they will restore money – the whole life saving, in some cases – were commissioned to Falcon.
“It’s my hard -won money. We don’t know when and how to get it back,” said Roopesh Chauhan, a technology employee who lost 15 million rupees.
Smriti, an assistant professor, arrived at police after losing more than 3 million rupees.
“The money was all our savings,” Smriti said.
The Indian authorities have expressed concerns about a recent increase in complaints by people deceived by Phoney Investment programs based on fraudulent applications, sites and call centers to deceive unsuspecting investors.
Britannia, Amazon and Falcon did not respond to requests for comments from Reuters sent on Monday. ($ 1 = 86,8550 Indian rupees)
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