Sasidharan Nambiyar, 73, of Nadama in Eloor, lost the money in less than a month, between December 4, 2024 and December 30, 2024. He was promised a profit of 850%, based on which he made the payments from various bank accounts through immediate payment service (IMPS) and real-time gross settlement (RTGS) between December 4 and December 30. However, he neither received his investment nor returns as promised.
Inside the ₹250 crore scam
The accused enticed investors by promising ₹6 lakh profit if they invest a ₹10 lakh deposit. They would receive ₹30,000 monthly. Vipin collected large sums of money from people. The investors were happy when they received the promised sum in the first five months. The confident investors started putting their money back into the firm.
However, it was too late before the investors realized that they were cheated. The payments stopped coming. One of the investors lost ₹1.96 crore.
At least 32 people have lodged complaints against Billion Bees from across Kerala. The first complaint was registered in December 2024. Based on these, police have registered four cases. More complaints are likely to be filed as more than 100 people have come forward.
Thousands of Indian investors lose $100 million in Ponzi scheme
Indian police arrested two individuals on Saturday after a case was filed against Falcon Invoice Discounting, which promised returns of up to 22% by claiming to connect depositors with the likes of Amazon and Britannia. Falcon collected 17 billion rupees (about $196 million) from nearly 7,000 investors since 2021 but has repaid only half, according to a statement from police in the southern state of Telangana.
Over 2 lakh depositors lodged complaints against several non-banking firms accusing them of cheating them to the tune of approximately ₹8,624 crore in the last few months by luring them to invest in Ponzi schemes, said Economic Offences Wing (EOW) CID of Tamil Nadu Police.
Noida woman loses Rs 51 lakh in stock trading scam
A woman from Greater Noida was allegedly defrauded of Rs 51.50 lakh in a stock trading scam that promised high returns, police said on Monday. The victim, Meenu Rani, lodged a complaint at the Cyber Crime police station on Saturday, stating that she was tricked by a man named Hari Singh, who claimed to have 15 years of experience in stock market investments, according to a PTI report.
MBBS Student losses 44 Lacs in Crypto Scam
A medical student in Gwalior lost Rs 44 lakh when he was duped in a cryptocurrency investment scam on messaging app Telegram, marking another incident of fraud on social media.
The 23-year-old MBBS student was approached by scammers through a Telegram channel that promised high returns on cryptocurrency investments. The scammers contacted the student in January and gradually built trust by sharing professional-looking investment schemes and cryptocurrency trading strategies, according to media reports.