EOW issues LOCs against 2 in Ponzi scam

Mumbai: The Economic Offences Wing (EOW), probing a multi-crore investment fraud involving the Moneyedge group of companies, on Thursday issued two look-out circular (LOC) notices against the wanted accused partners of the companies. Police also carried out searches at the residences of two arrested accused and their office in Mulund.Police issued LOCs against Rajiv Jadhav and Priya Prabhu, an ex-postal department employee. The police on Tuesday registered an FIR after an investor, Rahul Potdar (43), told police that he and his family invested Rs 2.8 crore in various schemes in January 2022. However, the companies stopped giving them interest in May last year. EOW on Thursday froze 16 bank accounts belonging to the accused and companies. It also raided the residences of arrested accused, Hariprasad Venugopal and Pranav Raorane, both partners in the companies, and the companies' Mulund office.