11 held for illegal money circulation
Neredmet police on Wednesday arrested 11 members of a gang for involving innocent people into illegal money circulation scheme.
Hyderabad: Neredmet police on Wednesday arrested 11 members of a gang for involving innocent people into illegal money circulation scheme.
According to SI, Neredmet, A Narsimha Swamy, on Tuesday a complaint was lodged by one B Srinivas (34), in which he stated that that the accused Srinivas, Raju and Shiva informed the complainant that they were doing "Safe Shop" side business, in which Rs 10,000 would have to be invested in starting, thereafter if he joined two or three persons into the business, he would get Rs 800 or more profit per month.
On Friday, the complainant went to the accused's office situated near Old Registration Office at Vinayak Nagar, Neredmet to know the details of the business. Where he found the accused Srinivas, Raju, Shiva and others were attracting the gullible people and doing business of money circulation schemes and pyramid in nature by luring them and offering the huge profits and incentives.
As such he got suspicious and lodged at complaint with police. On receipt of the compliant police registered a case under section 420, 406 IPC, Sec 3,4 & 5 of Prize chits and money circulation schemes Act, 1978. Police nabbed 11 accused persons and sent to judicial remand.