BENGALURU: High Grounds police arrested four people under the Banning of Unregulated Deposit Schemes Act of 2019. The accused were reportedly cheating investors through a company, e-Biotorium Network Private Limited. Police found a chain-link networking meeting organised at Ambedkar Bhavan on Millers Road, and following credible information, raided the place and busted the networking fraud.
After investing a certain amount, the investors had to refer more people to get more commission. The accused reportedly opened the firm under the chain-link system, on the pretext of providing job opportunities. The investors were lured by different kinds of perks.
The accused had created documents of having given good commission to the early birds. They were contemplating shutting the business after getting good investments. The arrested are identified as Sheikh Sadik Ali, 32, of Subhash Nagar, N Yogesh, 44, of Subramanyapura, Pramod Gopinath, 51, of Panaji in Goa, and Sunil Joshi, 58, of Madhya Pradesh.
“More investigations are on to find out the number of investors and the money they have invested,” R Srinivas Gowda, DCP (Central) told the media. Police registered a case of cheating under Section 420 of the IPC against the four men.