2 ponzi scheme operators held after 20 years by Maha, UP cops
A team of the Maharashtra Criminal Investigation Department (CID) and Uttar Pradesh Anti-Terrorism Squad (ATS) arrested Satishchandra Mishra (65) and Ramkrishna Dube (58), directors of a Kanpur-based firm called Galaxy Enterprises, from Lucknow, a CID statement released here informed.
Maharashtra and Uttar Pradesh police arrested two persons absconding for 20 years after allegedly duping people of over Rs 7 crore with ponzi schemes, an official said Saturday.
A team of the Maharashtra Criminal Investigation Department (CID) and Uttar Pradesh Anti-Terrorism Squad (ATS) arrested Satishchandra Mishra (65) and Ramkrishna Dube (58), directors of a Kanpur-based firm called Galaxy Enterprises, from Lucknow, a CID statement released here informed.
"The firm had over 100 branches across the country.
In 1999, it lured people by promising good returns on their investments. There are 26 cheating cases against their names.
They misappropriated Rs 7.8 crore," said a CID official.
Mishra and Dube absconded at the time and offences were registered in several districts of Marathwada and Vidarbha, he added.
Both the accused were produced before a court in Nagpur on Friday and remanded to police custody till June 25.