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Govt. teacher arrested in Rs 150 cr ponzi scheme in Hyderabad
A government school teacher was arrested on Friday by the economic offences wing for involving in Rs 150 crore ponzi scheme
A government school teacher was arrested on Friday by the economic offences wing for involving in Rs 150 crore ponzi scheme.
Methuku Ravindar who was working as a government school teacher at Revalli village in Siddipet district went on a long leave and founded a company Sun Pariwar Group at Sangareddy in 2015.
Later he expanded his business into eight different outfits such as Sun Mutually Aided Thrift and Credit Cooperative Society Ltd, Methuku Chit Funds, Methuku Ventures etc.
The accused lured the customers with an attractive scheme. He told the customers to invest Rs 1 lakh for which they will get an interest of Rs 6000 for every month for a period of 25 months. The deposited money will be returned after the end of the period.
He also provided 3 per cent incentives to the agents who make people join in the Rs 1 lakh scheme and it is 4 per cent for Rs 5 lakh scheme. After making Rs 150 crore, Ravindar ignored the payments to be done to customers.
Ravindar was arrested by the police following a complaint lodged by one of the customers.
