IMPHAL: Manipur Police arrested a group of eight persons for running an alleged Ponzi scheme through a micro finance group, ‘Grow Manipur Team’ (GMT), in Bishnipur disrict on Friday.
The accused, including the group’s founder P Maikel Singh (30) and some of his family members, were arrested by a team of Moirang police station, while others were caught from different parts of Bishnupur and Imphal West districts.
Sources said that police registered a case against them under sections 406/420/506/120-B IPC and 4/5/6 of Prize Chits and Money Circulation Scheme Banning Act, 1978. The group was arrested after a complaint was lodged by an investor of GMT.
The police also confiscated documents and some gadgets from the GMT office at Moirang and said that Maikel collected huge amount of money from the public with a promise of a high monthly interest. A magistrate remanded the accused to police custody till May 27.