Cyberabad EOW arrests 8 for fraudulent deposit schemes
The suspects are accused of defrauding 3,600 people of Rs 300 crore. Those arrested include Kalidindi Pavan Kumar, Managing Director of 12 Wealth Capital Services Pvt. Ltd., and his associates: Ravula Sathyanarayana, Boddulu Harikrishna, Valluru Bhasker Reddy, Pagadala Ravi Kumar Reddy, Kollati Jyothi, Kuralla Mounika, and Kurkula Lavanya.
Hyderabad: The Cyberabad Economic Offences Wing (EOW) arrested eight persons on charges of collecting deposits from people in the guise of the Buy Back policy scheme and Double Gold scheme.
The suspects allegedly cheated 3,600 members to the tune of Rs 300 crore.
The arrested suspects are Kalidindi Pavan Kumar, Managing Director of 12 Wealth Capital Services Pvt.Ltd. and his associates – Ravula Sathyanarayana, Boddulu Harikrishna, Valluru Bhasker Reddy, Pagadala Ravi Kumar Reddy, Kollati Jyothi, Kuralla Mounika, and Kurkula Lavanya.
According to the EOW officials, the prime suspect Pavan Kumar has introduced Buy Back Open Plots Scheme for 25 months (8 lakhs and 8 thousand i.e. 8L8K), in which each customer have to buy minimum 2 Guntas of land for which customers has to pay Rs. 8.08 lakh including registration charges.
“For that the company will give 4 per cent profit to each customer every month which is Rs. 32,000 per month for 25 months. For that business associate gets 1 per cent commission that is Rs. 7200 per month for 25 months for joining the customers, ” said K Prasad, DCP, EOW.
Whereas under Double Gold Scheme, the customer can invest upto Rs. 4 lakh as minimum investment and can invest huge amount as maximum at a time, for which the company will give receipt of bond to the customer.
“After completion of the 12 month period, at the end they will give Rs. 8 lakh worth Gold Biscuit which has a seal of Switzerland on it to the customers, “the DCP said.
Under Gold Chits Scheme of 20 months plan, the customers can invest Rs. 5 lakh for which the management has promised to give Rs. 15,000 per month as 3 per cent interest for 19 months. In the 20th month, by adding another Rs. 15,000 amount by customer, they promised to return the investment of Rs. 5 lakh to the customers. That means the customers get Rs. 8 lakh as total in the end.
