Two arrested in Tbilisi over ₾275,000 investment fraud

Two people have been arrested in Tbilisi on suspicion of fraudulently obtaining GEL 275,000 from citizens as part of a purported business investment scheme, Georgia’s Interior Ministry said.

The suspects offered citizens the opportunity to temporarily provide money for their business activities, promising to pay monthly returns and repay the principal within an agreed period.

Investigators alleged that the suspects received the money but subsequently failed to pay the promised returns or return the principal amounts, causing the victims a total loss of GEL 275,000.

Both suspects were arrested on the basis of a court ruling.

The crime provides for up to nine years in prison if convicted.