Rajkot: At least 15 people have lost nearly Rs 18 lakh in a Ponzi scheme into which they were lured with the promise that their money will be doubled.
A complaint has been lodged against Wahid Rauma, 40, promoter of Jeevan Amrut Commercial Operative Credit Society Ltd located near RMC east zone office.
According to the complaint, Rauma had lured people by promising them that he will double their money by investing in insurance, daily savings, monthly savings and fixed deposits for up to five years.
Roshan Sumra, who lodged the complaint, said that she invested in a three-year deposit scheme by paying Rs 5,000 every month. Sumra said Rauma had promised to double her investment within a year.
Some 250-300 people had invested in different schemes run by Rauma but the accused cheated them by not paying either interest or the principal amount.
“Initially, he paid investors some money to gain their confidence,” said Thorala police.
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