Bengaluru: 4 arrested for alleged involvement in ponzi scam worth Rs 4.32 Cr

Bengaluru: The Bengaluru Police have arrested four suspects involved in an alleged ponzi scam case in which at least 34 people were cheated of nearly Rs 1.91 crore.

As per the police, the company at which they worked, had taken in Rs 4.21 crore from customers but paid back only Rs 2.31 crore. The ponzi scam was valued at Rs 4.32 crore, said an official.

The company was named Iqra Wealth Management and it was started in 2017 at a rented building in Jayanagar but closed down in September 2020.

91 customers of the company were sent notices by the police and asked to register an official complaint, if any, against the company with the necessary documents. So far, 21 people have visited the police station and given their statements.