Man held for duping public in Hyderabad
The Cyberabad police arrested one person who allegedly launched a fraudulent Multi-Level Marketing (MLM) company SERFA on the lines of QNet.
Hyderabad: The Cyberabad police arrested one person who allegedly launched a fraudulent Multi-Level Marketing (MLM) company SERFA on the lines of QNet. The accused identified as Baki Srinivas Reddy earlier lost Rs 13 lakh which he invested in QNet.
Subsequently in the year 2018 he started his own business company similar like QNet in Visakhapatnam and a branch office at Kukatpally. According to Cyberabad Police Commissioner V C Sajjanar, on receipt of the complaint from one K Tulasi, in which she stated that she was cheated by the money circulation scheme by SERFA Marketing Private Limited. Connecting the dots, the Cyberabad Police nabbed B Srinivas Reddy (28), Director of the company.
The accused is a native of Vishakhapatnam and has completed Degree in 2012 and shifted to Hyderabad and joined in QNet and invested Rs 13 lakh, which he lost. The accused's company has got around 5,000 representatives as its members.
In this scheme similar like QNet, there are vacation tour packages, watches, health products, beauty products, etc. The products are mostly unbranded, sourced from mostly unscrupulous agencies which are sold at high prices. This huge exaggerated margin enables the promoters pay commissions to some extent. They target the most vulnerable sections of the society.
The scheme is rampant in two Union Territories Lakshadweep and Andaman & Nicobar Islands and also in 16 States including Telangana (3,267 members), Andhra Pradesh (1,449), Karnataka (51), and Orissa, Maharashtra, Jharkhand, Bihar, Chhattisgarh, Delhi, Kerala, Madhya Pradesh, Manipur, Nagaland, Tamil Nadu, Uttar Pradesh and West Bengal. Other accused persons are yet to be arrested. Detail investigation is being carried out, the Commissioner added.