MLM scam accused remanded to judicial custody

Hyderabad: Absconding accused in the ponzi scheme scam, one of the directors of Future Maker Life Care Pvt Ltd, has surrendered before the Haryana Police earlier this week. He was brought to the city by the Economics Offences Wing of Cyberabad police and was sent to judicial remand.

The accused was identified as Bansi Lal, the police said. The multi-level marketing money circulation fraud, which was operated from Haryana, has duped over 20
lakh investors across the country under the pretext of quick returns on investments and looted more than Rs 1,200 crore from its customers, was busted by the Cyberabad police.

The Economic Offences wing of the Cyberabad police had earlier arrested two key suspects – Radheshyam and Surender Singh, belonging to Haryana and seized Rs 200 crore from them and Bansi Lal was reported absconding.

According to Cyberabad Commissioner V C Sajjanar, they have set up an investment company by name Future Maker Life Care Global Marketing Pvt. Ltd (FMLC) and registered it with Registrar of Companies (ROC). They launched their operations in
Hyderabad three months ago, trapped over 20,000 customers in the Telugu states, and had collected huge amounts from them.

The scam came to light after a Kukatpally-based private employee lodged a complaint with police a week ago. He found the company’s claims suspicious after he approached them to invest based on an advertisement. Based on clues and evidences, Cyberabad police nabbed FMLC chairman Radheshyam and distributor Surender Singh from Haryana and brought them to the city on a transit warrant.

Police said that Radheshyam is a Class VII dropout, while Surender Singh is a graduate. Both became friends while working for an MLM firm.

The victims were spread across the country and the majority of them got attracted to the ads published in leading
newspapers. An amount of Rs 200 crore was seized from them deposited in various banks. The accounts in these banks have also been seized,
” Sajjanar said.

Authored by Mohammed Hussain, mohammedhussain.reporter@gmail.com Twitter: @writetohussain