Panaji, Feb 8 (PTI) Police in Goa on Saturday arrested four persons for allegedly duping at least 400 people from various states through a ponzi scheme, police said.

The accused lured the gullible victims by promising hefty returns on their money by investing them in casinos in the coastal state.

However, they actually circulated the money taken from new customers to existing investors, a police officer said.

The accused have been identified as Dasarath Boora, who hails from Telangana, and Adi Ganesh, Fakruddin, and Sandeep who belonged to Hosur in Tamil Nadu, the officer said.

They all were booked under the Goa Protection of Investment of Depositors Act and the Prize Chit and Money Circulation Schemes Banning Act apart from various sections of the Indian Penal Code (IPC), he added.

"All the accused lured investors--at least 400- from various states claiming that their money will be invested in casinos," he said.

It was actually a multi-level marketing and ponzi scheme, the officer added.

"The accused kept circulating parts of the funds received as investment from their new customers to the existing customers," he said.

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