A 50-year-old Woodland Hills man suspected of stealing millions of dollars in a Ponzi scheme, mainly from senior citizens, was arrested Tuesday.
Shehzad Peermahomed allegedly misled at least nine victims into believing they were investing in real estate from which they would receive monthly interest payments, police said.
The victims used their retirement savings to invest in the scheme with a reported loss of $2.852 million, police said.
Los Angeles Police Department Commercial Crimes detectives arrested Peermahomed at about 11:40 a.m. Tuesday for suspicion of felony grand theft, police said.
Peermahomed was booked into the Van Nuys Community Police Station’s jail with bail set at $810,000.
Investigators believe there may be additional victims and asked anyone with information to contact Commercial Crimes Division Detective Tyrone Jones at 213-486-6630 or by email at firstname.lastname@example.org.