Nagpur, Mar 13 (PTI) Eight persons were arrested for allegedly running a fraudulent investment scheme promising high returns and Rs 57 lakh case was seized from them, a Nagpur police official said on Monday.

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The ponzi scheme was busted after a raid on Saturday night at a flat in Lakadganj area, Zone I Deputy Commissioner of Police Anuran Jain said.

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"A man invested Rs 1,000 and got Rs 1,030 in three days as return. However, after he invested Rs 7 lakh, the accused refused to pay interest or return the amount. After he filed a complaint, a raid was carried out. We seized Rs 57 lakh cash," the DCP said.

All the accused are residents of Gujarat, he said, adding Rana Pratap Nagar police was probing further.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)