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Noida Phase III: Police arrest 3, accused of duping 6,500 people in bike taxi scam

Noida police arrested a gang of three men who allegedly cheated an approximate 6,500 people thought a bike taxi Ponzi scheme. The three arrested include the managing director of the company and his two accomplices, a Delhi University pass-out and an MBA holder. Then men made short term gains by promising their victims higher returns on investments that never came in. At least 7 other accused in the fraud, are still absconding. Meanwhile, cops are investigating the exact amount taken from investors.

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