The police estimate around 10 lakh people were cheated to the tune of Rs.1,500 crore by the company. The police have frozen the bank accounts of the company in which around Rs. 20 crore was deposited.
Hyderabad: The Economic Offences Wing (EoW) of the Cyberabad Police busted a multilevel marketing scheme operated by a company called Indus Viva and arrested 24 persons on charges of cheating investors.
The police estimate around 10 lakh people were cheated to the tune of Rs.1,500 crore by the company. The police have frozen the bank accounts of the company in which around Rs. 20 crore was deposited.
Announcing the arrest on Saturday, Cyberabad Police Commissioner VC Sajjanar said the gang was running the multi-level marketing scheme illegally and had lured the public through promoters and agents promising high returns on investments. The public were asked to make an investment of Rs. 12,500 to become a member.
“The company introduced several schemes for the people and lured them into investing money. Those who enrolled were lured with further incentives and bonus offers for introducing more members to the company,” Sajjanar said.
The company gave different ranks like Star Distributor (Star, Star-250 and Star-500), Ruby executive, Pearl executive, Emerald executive, Sapphire executive, Executive diamond, Executive blue diamond and Black diamond ambassador to its members.
Based on a complaint, the police arrested Abhilash Thomas, CEO of Indus Viva Health Sciences Private Limited from Bengaluru along with other executives and agents. Two of the suspects identified so far are absconding.
Now you can get handpicked stories from Telangana Today onTelegrameveryday. Click the link to subscribe.