Multi-level Marketing racket busted, Rs 200 Seized
The economic offenses wing of Cyberabad police has busted Multilevel Marketing MLM scam and held two suspects on the charges of duping investors The police recovered Rs 200 crore from them
The economic offenses wing of Cyberabad police has busted Multi-level Marketing (MLM) scam and held two suspects on the charges of duping investors. The police recovered Rs 200 crore from them.
The suspects identified as Radhe Shyam and Surender Singh has set up an investment company Future Maker Life Care Global Marketing Pvt Ltd which was registered with Registrar of Companies (ROC) in New Delhi.
The suspects would lure the youngsters, homemakers and retired employees on the promise of providing part-time jobs.
The suspects charged Rs 7,500 from each and promised the people that they would get Rs 500 commission for making other two persons join with the company. They also told the cheated that they would also receive an amount of Rs 2,500 every month.
The suspects also promised the victims saying that they would get Rs 60,000 in two years.
In addition to the Hyderabad, they also cheated the people from Haryana, Delhi, Madhya Pradesh, Maharashtra and Orissa.