MUMBAI: A Marol resident, Harvindar Kaur (36), has been arrested for allegedly being part of a
Ponzi scheme in which more than 500 people were duped after being promised double returns on investment in a year.
Kaur and the prime accused, Naresh Navale (35), planned the Ponzi scheme, said an EOW officer. Kaur is in police custody till August 24. Navale, promoter of S M Motors, was arrested in April and is lodged in jail.
In 2015, the accused floated a scheme, inviting people to invest Rs 1.95 lakh each. "The accused promised to buy swanky cars and give them on hire to five-star hotels and big companies. Each investor was promised Rs 20,000 a month," said a police officer. Initially, investors were paid handsome returns which made the scheme popular among others.
Kaur handled the firm's daily affairs, said the police. "The firm is not registered and she was part of a larger conspiracy. We have learnt that they cheated people lost more than Rs 6.5 crore," said the officer.
Kaur has told the police that she was paid 5% commission.
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