Massive Fraud Worth Rs 42,000 Crores Comes To Light In India, Two Arrested

by GoNews Desk Sep 11, 2020 • 10:32 PM Views 1273

A massive fraud worth Rs 42,000 crores was busted in UP's Gautam Buddha Nagar. The Police have arrested two people, including the director of the company, for cheating people by offering them lucrative profits. Joint Commissioner of Delhi Police OP Mishra said that the alleged company lured people to invest through a Ponzi scheme called 'Bike Boat'. In this, Rs 62,000 was deposited for a bike and Rs 9,500 a month was given as rental income to the alleged investors. People invested heavily in the scheme due to the lucrative offer and the owners fled after gaining the customers' trust