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Ponzi scheme promising online gateway to Goa’s casinos busted

One of few states in India permitting legal operation of casinos, Goa is always under the limelight with its casino policies sprouting up quite frequently or other gambling stories. On Saturday, Goa police arrested four individuals for allegedly duping at least 400 people from various states through a Ponzi scheme.

The entire operation was carried out through the website www.dream2casino.com according to which users could track their investments, payout statements, and different schemes to tabulate their earnings.

SP Shibhit Saksena of the Goa Police’s economic offences told that the four cheated people in Goa, Uttar Pradesh, Andhra Pradesh, Telangana, Karnataka, and Maharashtra. The incident came to light when Ismail Munshi who invested INR 10,000 in the company filed a complaint. The company accepted deposits from customers ranging from INR 10k to INR 5 Lakh and assured daily returns up to 3% along with air tickets to Goa, hotel stays and free entry to casinos.

The 4 suspects detained in the case are Adi Ganesh who was reported as the official head of the company, their Goa agent Fakruddin, Sandeep was an Information Technology expert and the mastermind behind the entire scheme was Dasarath Boora.

The four confessed to operating a Ponzi scheme under the guise of an online gateway to casinos in Goa. Saksena added, “Upon interrogation of the accused persons it was established that although they had fashioned their scheme as a scheme for investment in casino games, it was actually a money-circulating, multi-level marketing and Ponzi scheme where they were just transferring parts of funds received as investments from new customers to their old ones”.

These fraudulent members planned on taking investments for up to 3 months by when they had estimated they would have made up to INR 5 Crores and would then shut shop and abscond. All of their known bank accounts have been frozen and the case has been placed under the Indian Penal Code, Goa protection of Investments of Depositors Act and Prize Chit and Money Circulation Schemes Banning Act.

The accused persons are from Suryapet and Nalgonda in Telangana and Hosur in Tamil Nadu who were earlier real estate agents. They also offered additional benefits like iPhones, scooters, motorcycles and German luxury cars to draw new customers. The company did not provide receipts for investments as their entire functioning was online.

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