Four directors of a wealth management firm who were wanted for allegedly cheating nearly a hundred investors by promising them high returns have been arrested by the Tilak Nagar Police. According to the police, the accused shut down their firm, IQRA Wealth Management, in 2020 after starting a Ponzi scam.
The firm opened an office in Jayanagar in 2017, and promised high returns on investments. They got investments of ₹4.21 crore from 91 investors, of which they repaid ₹2.31 crore as returns till September 2020, after which they shut down operations, preliminary investigations have revealed.
The police registered a case and served a notice to all investors as per the firm’s books to lodge a complaint, if they were cheated. To date, 21 persons have lodged complaints for claims amounting to ₹2.49 crore, sources said. The firm’s directors had given ₹1 crore to a stock broker, who has been summoned, to recover the money.
Unemployed youths cheated