Money doubling racket: Six held in Mumbai, Rs 7 lakh recovered

MUMBAI: Tilak Nagar police have arrested a gang of six people who used to lure people to invest in money doubling schemes, and later fake a police ride to flee with the cash.

The arrested accused include Arshad Khan, Altaf Khan, Akbar Shaikh, Nayeem Shaikh, Imtiaz Khan and Ravindra Khandagle.

Cops have also seized an autorickshaw, cash of Rs 6.75 lakh, and one motorcyle used in the crime.

The police said the modus operandi of the gang was that they would lure victims with lucarative investment schemes. “Once the vicim would reach the spot with cash, they would stage fake police raid and flee.