Two arrested for running ponzi scheme in Belagavi
Belagavi Police have arrested two individuals for operating a ponzi scheme that defrauded 254 investors of approximately ₹25 crore. The accused allegedly lured victims with promises of high interest rates through their company, Sridevi Kooge Venture Private.
Why it matters
This incident underscores the risks of unregulated financial schemes and the importance of investor vigilance.
Belagavi Police have arrested two men on the charge of running a ponzi scheme and duping customers to the tune of ₹25 crore.
Investigators arrested 21-year-old Subhod Honnappa Kooge of Jalalpur near Raibag in Belagavi district and 49-year-old government employee Pramod Fakirappa Halemani of Satti near Athani taluk in Belagavi district.
They were produced before court which remanded them in judicial custody.
They were running Sridevi Kooge Venture Private company and collecting crores of rupees from the public by luring them with high interest rates.
They did not obtain any licence from any regulating agency.
Complainant Praveen Chandrashekar Doddamani of Dharwad has said that these two men operated a ponzi scheme and duped countless people without obtaining necessary permission from RBI, SEBI and other authorities.
He also said that they failed to return the money or pay the promised interest.
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