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A 50-year-old Woodland Hills man suspected of stealing millions of dollars in a Ponzi scheme, mainly from senior citizens, was arrested Tuesday.
Shehzad Peermahomed allegedly misled at least nine victims into believing they were investing in real estate from which they would receive monthly interest payments, police said.
The victims used their retirement savings to invest in the scheme with a reported loss of $2.852 million, police said.
Los Angeles Police Department Commercial Crimes detectives arrested Peermahomed at about 11:40 a.m. Tuesday for suspicion of felony grand theft, police said.