Home Scam/Fraud Haveri-based firm swindles Rs 25 crore from over 2k investors

Haveri-based firm swindles Rs 25 crore from over 2k investors

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HAVERI: Despite the government bringing in new legislation, a new Ponzi scam has surfaced with investors from North Karnataka and Bengaluru filing complaints against the owners of a Haveri-based company that allegedly siphoned off investors’ funds before absconding.
More than 2,000 people lost the money they invested for high earnings in the Ponzi scheme of Modern Marketing Gold Traders. The fake firm has allegedly cheated investors in Byadagi, Hubballi, and Bengaluru city for two years.
The fake company was operated from Byadagi by accused and company owner 57-year old Irfan Sayyad Sohil Shekh. He duped investors by promising high profits for their meagre investment. He has cheated more than 200 investors in Byadagi town itself and also cheated people in Hubballi and Bengaluru. Byadagi police have booked a case against the accused under the Banning of Unregulated Deposit Scheme Act 2019 and IPC 420.
“As per the promise, Irfan…

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