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    Man Suspected of $1.5M Pyramid Scheme Fraud Detained

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    Moscow police have detained a man suspected of defrauding 500 people of around 50 million rubles ($1.51 million) in a pyramid scheme, the Russian Interior Ministry said Thursday.

    MOSCOW, October 24 (RIA Novosti) – Moscow police have detained a man suspected of defrauding 500 people of around 50 million rubles ($1.51 million) in a pyramid scheme, the Russian Interior Ministry said Thursday.

    Representatives of the company that created the financial pyramid signed contracts with their victims pledging to pay interest on their deposits every month but in fact had no intention of paying, the ministry said in a statement.

    The company, known as Global Invest, had been in operation since January, placing its ads in newspapers and city transport.

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    police, Interior Ministry, Global Invest
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