MD of Ponzi firm arrested

Kohima: Nagaland Police has arrested the Chairman and Managing Director (MD) of a ponzi firm for duping depositors to the tune of crores of rupees.
The person is wanted in other states as well in similar cases.
According to an official statement today, investigations revealed that the company Everlight Realcon Infrastructure Limited (ERIL) was incorporated under the Companies Act, 1956, and promised 100 per cent secured investment under two schemes (a) Advance Products Booking (APB) and (b) Redeemable Preferential Shares (RPS).  According to Superintendent of Police (Crime) &PRO of Nagaland Police Headquarters, M Tungoe, the modus operandi of the company was to establish its credibility by stating that it was engaged in various projects like hospitals, mines and infrastructure; by organising programmes such as materials donations, blood donation camps, orphanages visits and by engaging state functionaries as chief guests in the company’s functions.
However, during investigation, it was found out that there were no such properties, assets or projects of the company and that it was engaged only in fund mobilization promising huge returns, which the company failed to pay the investors later. (UNI)