The Rachakonda Uppal Police arrested an accused on Wednesday for cheating people on the name of Green Gold Biotech Company. According to police, they received a complaint from N Indra Kiran (28, Business, resident of Saroor nagar) stating that he came to know about Oil production machine which can earn upto Rs 20,000 per month. Then the complainant and his wife Anitha came to Uppal near Metro Station office of Green Gold Biotech company and approached with company MD Jinna srikanth and manager Bhasker Yadav.
Uppal police arrested Green Gold management for cheating people on the name of oil production machine
Then they showed them one peanuts grain machine in which they can produce peanuts oil at their home only and told them to buy the machine for Rs 1 lakh. Then the accused got agreement with them that they will pay an amount of Rs 20,000 for every month. But they did not pay any amount as per their agreement and cheated them.
The accused assured Rs 10,000 income every month and lured the public to buy the machines and cheated them.
Based on the complaint police registered a case under sections 406, 420 IPC and section 3, 4, 5 and 6 of the prize chits and money circulation schemes act 1978 and section 5 of Telangana protection of depositors of financial establishment act 1999 and arrested the accused. Police are enquiring on the allegations that the accused collected Rs 50 to 100 crore from thousands of innocent people in four states including Telangana and Andhra Pradesh. The accused J Srikanth earlier cheated the people on the name of Maha Life multi level marketing.