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Mumbai

Updated on: Tuesday, August 24, 2021, 11:28 PM IST

Ponzi schemes: Man held for duping several of Rs 684 crore

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A 55-year-old man has been arrested for duping several people to the tune of Rs 684 crore by making them invest in ponzi schemes. The police from various states have been on the lookout for the accused, Nandalala Singh, who is the chairman of Phenomenal Group of companies.

The accused had fled the country in 2018 when the scam came to light. However, he was nabbed by the city crime branch from a five-star hotel in Nariman Point on Sunday.

The sleuths had received a tip-off that the accused would be staying in the hotel for a couple of days. A trap was laid and the accused was arrested. Soon after, Singh has reportedly bribed the officials with Rs 50 lakh to release him, said sources.

According to the police, Singh floated several ponzi schemes, including housing finance, healthcare and plantation. He has duped several people across the country since 2014. The Kerala police had issued a lookout notice against him.

“We have handed him over to the Latur police where a case has been registered against him,” said Datta Nalawade, DCP, crime branch.

Singh, a Nepalese national, fled the country in 2018 after series of FIRs started getting registered against him across the country.

After spending time in UK and US Singh fled to his home country, he returned to India only in March this year. Initially he was staying in Noida and recently came to Mumbai.

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Published on: Tuesday, August 24, 2021, 11:29 PM IST
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