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Multi-level marketing racket busted
Multi-Level Marketing Racket Busted, Cyber Crime Station, Detective Department. The Cyber Crime Station (CCS), Detective Department on Monday claimed to have busted a multi-level marketing (MLM) scam and held a five-member gang on charges of duping investors.
Hyderabad: The Cyber Crime Station (CCS), Detective Department on Monday claimed to have busted a multi-level marketing (MLM) scam and held a five-member gang on charges of duping investors.
The accused had promised high interest for investments in their MLM scheme.
Police seized Rs 16.5 lakh cash, a flat worth Rs 35 lakh, a car, a motorcycle and ten fake PAN cards from their possession.
The accused have been identified as Singavaram Sunil Kumar Singh alias Sidhartha, 26, P Venkata Raju alias Sidhartha, 32, Pokanti Venkata Hanumanth Reddy, 27, B Yoganandam, 26 and M Veera Brahma Chary, 27.
“They created websites and asked people to invest money in their schemes to get high returns and commissions for introducing new members. They lured people, through media advertisements, that the commission and returns would be deposited in their accounts directly.
After receiving huge amounts from investors they would switch off their mobile phones, severing all contacts with the investors. They had opened more than eight bank accounts on impersonation to escape from the police,” the police said.
Based on a complaint made by V Venkata Siva Reddy, a duped customer, cases were booked against the accused under ITA Act and Section 420 of the IPC. Police has launched a hunt to nab Venkata Subbaiah, who is absconding.
