2 directors of firm held in ₹4,500-crore Ponzi fraud
Mumbai:
Two directors of Royal Twinkle Star Club—a company in Wadala which allegedly cheated several investors of at least Rs 4,500 crore-—were arrested on Saturday by officials of the economic offences wing of the city police.
A police officer said they arrested Prakash Uttekar (58) from Prabhadevi and Venkatraman Natrajan (60) from Ghatkopar. “The two were directors in the firm and actively participated in firm’s operations and conspired to cheat people.” said the officer. The two directors will be in police custody till September 14.
The company’s managing director, Omprakash Goenka, had been arrested in June this year. He is currently in judicial custody.
The police have so far received at least 11,000 complaints from investors. The complaint was first registered in Wadala, at the Rafi Ahmed Kidwai Marg police station, and the case was transferred to the economic offences wing. The police said the 18,000 investors include people from various walks of life across the country—farmers, labourers, teachers, government employees and the self-employed.
The first complaint in this case was lodged in February this year. The complainant, a manager at a liquor shop, was initially an agent for the firm and had himself invested his money and that of his relatives’ and clients. The company had lured investors with hotel stay packages based on reward points earned in the investment scheme.
The accused have been booked under Indian Penal Code and the stringent Maharashtra Protection of Interest of Depositors’ Act. The state government has appointed a competent authority to look after properties of the accused which have been attached.
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