META FUND PRO scam: Investors duped with promises of triple returns in Jagtial
Three individuals were arrested in Jagtial for allegedly cheating investors through a mobile app named ‘META FUND PRO’, promising triple returns and luxury trips. Victims from Kodimial lodged complaints after the app was shut down and returns were not delivered.
Jagtial: Jagtial police arrested three persons on charges of cheating people by promising high returns . While Kasturi Rakesh Kumar from Jagtial was arrested on Friday, Singireddy Thirupathi Reddy and Veerabathini Raju of Kodimial were arrested on October 8.
While presenting the accused before the media on Friday, Superintendent of Police Ashok Kumar explained the modus operandi of the accused.
Creating a mobile application named ‘META FUND PRO’, the accused promised to provide people returns of three times the invested amount if they invested in the app. Besides the high returns, the investors were also promised free trips to Goa, Singapore and Dubai.
They collected Rs 20 lakh from three persons belonging to Kodimial. More people also invested in the App. As they were not provided with the promised returns and the app was shut down, prompting the victims lodged a complaint with Kodimial police.
Based on the complaint, police began investigation by registering the case under 318(4), 316(2), r/w 3(5) BNS, Section 5 of Telangana Protection of Depositors of Financial Establishments Act-1999 and Section 3&4 of the Prize Chits & Money Circulation Schemes (Banning) Act-1978.
Rakesh Kumar was produced in court on Friday.
