December 6, 2022
23 Sep 2022  |   07:01am IST

Vasco ponzi fraud scheme victims demand justice

Team Herald

VASCO: Several persons who have been cheated by conman Noor Ahmed on Thursday demanded justice and stern action against the accused for duping them to the tune of crores of rupees.

The people who gathered, here, thanked the Economic Offence Cell (EOC) for arresting the accused while trying to flee the country and demanded that the accused be given the most stringent punishment so that it will deter other conman for luring people with ponzi scheme.

The protestors urged the Vasco Police to ensure that the accused is not released on bail and help them to recover their monies from the fraudster.

The Economic Offences Cell (EOC) on Wednesday arrested Noor Ahmed on the charge of allegedly cheating around 250 persons mostly from the port town under the garb of a ponzi real estate scheme. The accused was arrested while he was attempting to flee the country.

According to the police, Ahmed along with his wife hatched a criminal conspiracy and dishonestly induced all the complainants to invest Rs 4 lakh to Rs 5 lakh, in consideration of giving them flats/apartments in Vasco area, on a long-term lease of three to five years by executing Leave and Licence Agreement before notary, subject to renewal of the same for every 11 months.

The police suspect that the accused has cheated all the complainants to the tune of approximately Rs 3.17 crore. 

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