August 2, 2021
Scam/Fraud

Chennai police arrest three for running Ponzi scheme through mobile app ‘Share me’- The New Indian Express

By Express News Service

CHENNAI: Three persons were arrested for allegedly conning people through a mobile app called ‘Share me’.

The arrested persons were identified as Syed Fakruddin (47), Miran Mohideen (48) and Mohammad Manas (32).

The three suspects were arrested based on a complaint filed by 28-year-old Dinesh, a resident of Madhavaram and an employee of a private company.

According to police, the mobile app was used as an interface to operate a Ponzi scheme, which promised double the returns.

Besides, every user of the app had to invest Rs 30,000 and perform a set of tasks, such as liking videos displayed on the app and sharing screenshots of the marked videos, to earn double the money.

The victim volunteered and made his friends also join, but failed to get any returns, police said, adding that he realised he was conned only after the app became defunct.

Based on the complaint, Madhavaram police…

Read full article here: www.newindianexpress.com