Ponzi scheme: Man, three women arrested for fraud

CIA Islamabad arrests man and 3 women for operating a ponzi scheme, says a police spokesman.

ISLAMABAD:

The Crime Investigation Agency (CIA) Islamabad arrested a man and three women on Thursday for operating a ponzi scheme, a police spokesman said on Thursday.

Following complaints, Islamabad SSP Muhammad Ali Nekokara constituted a special team to arrest the gang. The team succeeded in tracking down the four suspects and also seized cash and gold ornaments worth Rs11.9 million.

During interrogation, Shahid Saeed, Gul Zehra, Asima Hadi and Perveen allegedly confessed to convincing housewives by offering them huge returns in return for a deposit of cash or jewellery. The group was active in the Pona Faqeeran and Margalla Town areas of Islamabad, the police said.

The police also identified some of the recovered loot.  They said they recovered Rs1 million cash and gold ornaments worth Rs2.25 million which had been taken from Nazakat Hussain and Abid Muneer, residents of Pona Faqeeran.  Similarly, jewellery worth Rs300,000 belonging to Muhammad Ajmal Abbasi, a resident of Mohrian, Islamabad  was recovered from them.  The police also recovered jewellery worth Rs2.9 million, Rs4.5 million, and Rs200,000 belonging to Raja Wahid Munir, Qaisar Muhammad and Safarish respectively.

Some Rs700,000 worth of gold ornaments taken from Abida Begum of Satellite Town, Rawalpindi and an unidentified quantity of gold belonging to Akbar Hussain Kiyani and Naseer Ahmed, both residents of Sohan was also recovered.

Published in The Express Tribune, June 13^th, 2014.