Ponzi scheme company managing director detained

Last Updated: Sunday, October 13, 2013 - 17:23

Barpeta: The managing director of a ponzi scheme company, who was on the run for over a year, was caught by aggrieved customers and handed over to the police, who detained him.
Managing director of ponzi scheme company `Finix` was caught yesterday by angry depositors who had been cheated by it, police said today.

The depositors alleged that the official, identified as Badarul Islam, had collected crores of rupees from them promising them huge returns.

However, the Barpeta branch closed down after collecting considerable sum of money and all its employees as well as Islam fled the town.

They had been looking for Islam, who was absconding for a year and a half and as soon as he was spotted, people caught him and handed over to the police.
Police said Islam was detained and investigations are on.

PTI

First Published: Sunday, October 13, 2013 - 17:23

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