The State government has referred the ₹3,000-crore High Rich online Ponzi scheme, allegedly built on false claims and financial deception, to the Central Bureau of Investigation.
The case pertains to the finding that the financial firm’s partners had collected money from unsuspecting investors, promising them quick returns on non-existent investments.
The robbing Peter to pay Paul money-chain scheme hinged on the company’s illegal strategy to seek more investments on false grounds to pay earlier depositors. The elaborate scam left thousands of pensioners bereft of their life savings.
