Itanagar: The Capital police in Arunachal Pradesh has arrested the kingpin of a Ponzi scheme scam, who had duped some 6,000 investors of an estimated ₹17 crore.

The police arrested Braj Kishore Chaudhury from Patna, Bihar, on February 23 and his accomplices, identified as Raju Dutta, Nishith Murthy, Joydeep Dutta, Santosh Kumar, Bipin Kumar and Deepak Kar aka BK Sharma.

Addressing media persons at his office near here, SP Jimmy Chiram said it took the police almost a year to arrest the kingpin. He said the arrest was not easy as the accused was hiding in multiple locations within the country and the police had to travel to other states.

Chiram said the Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.

“In 2021, Raju Dutta offered one Ha Takio a scheme to invest his money in share market through a company named Algo Academy. An FIR was registered after Takio was duped,” he said, adding that the case pertains to a multi-level marketing scheme from August 2020 to March 2021.

He said, responding to the FIR, the police arrested four persons from across the country through technical surveillance.

“The initial charge-sheet was filed in 2021. However, with the arrest of the kingpin, the Capital police filed a supplementary charge-sheet and the investigation is being carried out for any other involvements,” he added. He said thousands of accounts were opened from Arunachal Pradesh and a total investment of around ₹17 crore was made. Out of this, ₹8 crore was returned while ₹9 crore was siphoned off.

The police were able to trace ₹71 lakh routed to 14 different accounts by the perpetrators, which were later frozen. The investigation was complex as it involved website checking and bank details and the use of fake IDs, he added.

“I urge the public to read documents properly before investing. If there is any doubt, please verify before investing. Police can’t take suo motu action in such cases unless there is a written complaint,” Chiram said.

He also said the case could be solved only because of the intensive investigation by the police team led by investigating officer Inspector AK Pandey, Head Constable SK Jha and Nabam Sarbang, who extended technical support.


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