Bhopal (Madhya Pradesh): TT Nagar police have registered a case against a man suspected of running a Ponzi-style investment fraud, luring people with promises of high monthly returns.
While only one complainant has officially come forward so far, police officials suspect the man may have cheated investors of several crore in Bhopal and other locations.
According to the complaint, athlete Jyoti, a resident of Harshvardhan Nagar, said that the suspect Rajendra Singh Parmar ran an office in TT Nagar and persuaded people to invest money with the promise of good returns per month.
Jyoti stated that she invested Rs 5 lakh in the scheme. She received Rs 21,000 for the first two months after which Parmar allegedly began making excuses. When she pressurised him for her money, he reportedly offered to compensate her with a plot instead.
The complainant further alleged that Gandhi Nagar police had earlier detained Parmar but released him the same evening. Apart from Jyoti, a retired Army personnel is also believed to have invested several lakhs of rupees in the scheme.
After visiting TT Nagar and Gandhi Nagar police station several times, Jyoti approached police commissioner Sanjay Kumar with her complaint. Acting on his directions, a formal case has now been registered at TT Nagar police station. The police commissioner has also ordered an inquiry into the matter and indicated that action may be taken against police personnel involved in negligence.
