The Economic Offence Wing (EOW) of Mumbai police has arrested one person in connection with a Ponzi scheme being run by a city-based investment firm. The accused has been identified as Ganesh Hazare, the director of Atharva4U Infra and Agro Pvt Ltd. Hazare was arrested last week after some of the investors called Hazare for a meeting at Thanes Talao Pali. A police team was waiting on the spot to nab the culprit. Soon after Hazare descended from a private car, he was detained by the police team and taken to Mumbai police headquarters for further investigation. Later, he was produced in a local court from where he was sent to police custody till August 13. The accused managed to cheat the investors on the pretext that their money will double in a period five years, thrice in seven years and four times in ten years. Speaking to Times of India, a police officer said, The firm claimed business interests in construction, travel and tourism, educational institutions, hotels and resorts. The directors claimed they would invest the money collected in these businesses. We got data from their records. The investors cheated and amount may increase as the probe deepens. Apart from Hazare, other persons named in the FIR (First Information Report) include Sachin Gosavi, Mukesh Sudesh and Shivaji Niphade. The police also froze 30 bank accounts and attached three flats at Dahisar. Police froze 30 bank accounts, attached three commercial galas in Dahisar, offices in Thane, Dadar and Borivli, flats in Dahisar, Vashi and Thane, another property in Thane, plots in Shahpur, Palghar and Silvassa, and a cattle farmhouse in Konkan, the officer told TOI. According to reports, over three lakh persons have invested their money in the over Rs 500 crore ponzi scheme. Sneha Deware, a resident of Mumbais Dahisar had complained that she had invested a sum of Rs 36,000 in three years. In her complaint, Deware also mentioned that she was promised of Rs 49,000 on the maturity of the scheme in 2017 but did not get anything. Investors were given the options to deposit Rs 1,000 per month. We suspect there are many more victims. The accused distributed pamphlets, brochures, placed advertisements in newspapers and held seminars to lure victims. They had over 40 staff, the officer added. Inspector Baliram Dhas of city polices EOW is probing the case.