Hyderabad, Sept.8 : The Cyberabad Economic Offences Wing has busted money circulation racket of Multi Level Marketing and seized Rs 200 crore. The sleuths also arrested CMD of FMLC Global Marketing Pvt Ltd Radhe Shyam and his accomplice Surender Singh.
Police said the accused floated a binary scheme, which means one person has to enrol two persons each. Again these two persons have to enrol two persons each and the chain continues. The company and its members have been targeting the unemployed youth, housewives, retired employees with the promise of part-time income. It has come to notice that several public in and around Hyderabad have been cheated and looted several crore rupees by the company.
During investigation, bank accounts of the company have been seized. The police seized amount in IndusInd bank Rs 14,78,06,585, Bandhan Bank Rs 20,47,08,071,00, Axis bank Rs 56,20,45,542,00, HDFC Rs 1,250,839,475,00, Canara Bank Rs 2,00,49,198,00.
Cyberabad CP V.C. Sajjanar, IPS, has appreciated the good work done by the Economic offences wing, Cyberabad staff i.e. Srinivas (ACP- Cyber crimes), Sudheer (ACP-EOW), Anand Reddy (CI-EOW), Gopinath (CI-EOW), Srinivas (CI-EOW), Prasanna kumar (CI- Kukatpally), Shashank Reddy (CI), Chandra shekar Reddy (SI-EOW), Shyam (ASI) & other officers. They have been rewarded suitably.
The CP cautioned the public not to join in any such illegal money circulation schemes. He advised the general public not to fall a prey to the dubious schemes with offers of easy and quick money. Women are particularly targeted by these con companies with all false claims and blatant lies and if they fall for such promises, they will exploited in many ways