Nagpur police bust Rs 100 crore software-aided ponzi racket; 12 arrested

The Nagpur police has busted a Rs 100 crore software-aided multi-level marketing (MLM) ponzi investment racket affecting more than 25,000 people across India.

The racket, operated in three different modules, was exposed when it was trying to lure people with the offer of a coin disguised as fake cryptocurrency.

“The racket began in 2015 with a certain Vijay Gurnule setting up a real estate company, Metro Vision Buildcon Ltd, which offered double the invested amount in 18 months or a plot of land. Gurnule would offer notorised agreements to sale, earning investors’ trust,” said Deputy Commissioner of Police Noorul Hasan, who led the investigation. “Gurnule actually didn’t have any plots to offer,” he added.