The police in Goa on Saturday arrested four persons for allegedly duping at least 400 people from various States through a ponzi scheme.
The police said the accused lured the victims by promising hefty returns on their money by investing them in casinos in the State. But they circulated the money taken from the new customers to the existing investors, a police officer said.
The accused have been identified as Dasarath Boora from Telangana, and Adi Ganesh, Fakruddin, and Sandeep from Hosur in Tamil Nadu. They were booked under the Goa Protection of Investment of Depositors Act and the Prize Chit and Money Circulation Schemes Banning Act, besides various sections of the IPC.
