MOSCOW, October 13 (RAPSI) – Members of the alleged organized crime group specializing in financial pyramid fraud scheme were arrested by the Moscow police, RIA Novosti reported on Tuesday.

According to the representative of the Interior Ministry, more than 700 people were deceived by the criminal group. The group itself listed ten criminals who were mainly working among elderly and poor people. Damage caused by the fraud allegedly estimates 100 mln rubles ($1.6 mln), Interior ministry representative said.

Russian authorities launched a fraud criminal case against the group. If found guilty, members of the group may be sentenced up to 10 years in penal colony.