India, June 26 -- The property cell of the crime branch has arrested three men for a Ponzi scheme in which several investors were duped of around Rs.25 crore. The accused also allegedly threatened and assaulted their clients, said the police.

The accused were identified as Ankit Jain, Hetul Ranka and Omkar Singh. Jain and Ranka are childhood friends with a masters in business administration (MBA). Together they began AJ Enterprises, a firm with an office in Goregaon which supplies computer accessories and other stationery. According to the police, the accused told their customers that they will soon be launching a factory to manufacture A4 size paper and began offering part ownership of the new franchise to clients in exchange for deposi...