Latest news with #NewIndiaRoyalScheme
Hans India
3 days ago
- Business
- Hans India
Surathkal duo booked for Rs 10-crore deposit scheme fraud
Mangaluru: Two Katipalla residents have been accused of running an unlicensed deposit scheme that police believe defrauded more than 10,000 investors. The accused — identified as M. Mohammed Ashraf, proprietor of 'New India Royal Scheme', and his manager Haneef — allegedly promised investors a return of ₹12,000 on payments of ₹1,000 a month for 10 months, with the added lure of prizes such as cars, motorcycles, and gold jewellery. A complaint filed by one investor states he completed his final payment in April 2025, but the organisers repeatedly delayed settlement. Police said the office was shut two months ago and calls from investors went unanswered. Investigators estimate that deposits exceeding ₹10 crore were collected without regulatory approval. The case has been booked under the Banning of Unregulated Deposit Schemes Act at Surathkal Police Station.
Time of India
4 days ago
- Time of India
Two booked for duping people of Rs 10 crore
Mangaluru: Surathkal police booked the proprietor and manager of the New India Royal Scheme in Katipalla for allegedly running an unlicensed deposit scheme that duped over 10,000 people of more than Rs 10 crore through false promises of cash returns and lavish prizes. The complainant stated that the accused started a New India Royal Scheme in Katipalla village. After seeing a pamphlet of this scheme, the complainant visited the accused's office in July 2024 and spoke to a person named Haneef. The complainant was informed that if he participated in the scheme and paid Rs 1,000 per month for 10 months, then at the end of the scheme, he would be given Rs 12,000 in cash. In addition, there would be some attractive prizes, such as bumper prizes like cars, bikes, and gold rings. Tempted by these promises, the complainant joined the scheme and paid the first instalment of Rs 1,000 in cash. Later, each month, the complainant transferred Rs 1,000 via Google Pay to the QR code of the scheme, with the last instalment paid on April 21. It is alleged that the accused collected deposits from more than 10,000 members under this scheme, amounting to several crores of rupees, without obtaining any valid licence. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like TV providers are furious: this gadget gives you access to all channels Techno Mag Learn More Undo When the scheme term ended, the complainant asked for the deposited amount or the promised prize, but the accused kept postponing, saying that the payments were "in process" and would be made soon. About two months ago, Mohammad Ashraf, the proprietor, and manager Haneef closed the office. This was an unregulated deposit scheme, and with fraudulent intent, the accused collected more than Rs 10 crore from the public in the name of the lucky scheme, it is alleged. Even after the scheme ended, they did not return the money or give the promised prizes. A case has been registered in Surathkal police station. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
