Illegal lucky draw scheme busted in Hyderabad
Hyderabad: The Rachakonda Police Special Operations Team busted an illegal lucky draw scheme racket and arrested two persons on charges of cheating people on Thursday. Police seized Rs.2.2 lakh, silver biscuits, gadgets and other material, altogether worth Rs.25 lakh. Officials said the two set up NISE Enterprises with a fake government registration number and cheated […]
Hyderabad: The Rachakonda Police Special Operations Team busted an illegal lucky draw scheme racket and arrested two persons on charges of cheating people on Thursday. Police seized Rs.2.2 lakh, silver biscuits, gadgets and other material, altogether worth Rs.25 lakh.
Officials said the two set up NISE Enterprises with a fake government registration number and cheated people in the guise of gifts and prizes.
The arrested persons were Shaik Salauddin (38), a contractor from Kamala Nagar in ECIL in Kushaiguda and Shahab Mir Khan (43), a realtor from Sri Ram Colony in Jalpally in Ranga Reddy.
According to the police, the duo prepared booklets and pamphlets and gave wide publicity and attracted hundreds of investors to the fraudulent scheme.
“They collected Rs.1,000 from each person every month for 16 months. They enrolled about 3,000 persons and promised that each person would get an assured gift under the scheme,” said an official.
The suspects also secured about 35 agents to collect the premium from customers. The collection along with the bill books were handed over to the suspects, who would announce only 12 winners in a lucky draw every month.
The business was started in the month of November 2020 and another scheme was started in the month of January. The entire business for 16 months accumulated Rs.4.8 crore.
“They manipulated the scheme saying they had only 1,000 customers but they kept 3,000 tokens for the lucky draw. They did not reveal details of the winner too. After announcement of winner they called them to their office to collect the prize,” the official said.
Based on a complaint, the Kushaiguda police raided their office and nabbed the suspects.
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