Hyderabad, August 11: Police today claimed to have busted two money-circulation rackets, operating under the guise of multi-level marketing, and arrested six persons including a Telugu film producer. Commissioner”s Task Force (Central Zone) today raided the office of M/s Vishwajyothi Realtors and arrested three persons, including firm”s director Tata Pramod, and seized Rs 2.4 crore in cash, and other material. The firm”s bank account, which had Rs 35 lakh in it, has been frozen. In a similar case, the sleuths of Commissioner”s Task Force (North Zone) raided the office of Gurudeva Infra Developers India at Habsiguda here and nabbed alleged kingpin and the firm”s chairman, Nandi Srihari, and two others, seizing 95 cell phones, nine computers and Rs 11 lakh in cash.Bank accounts, with Rs 1.9 crore in them, were frozen.
“In both cases, the accused collected money by making false promises to make people rich in short period,” Hyderabad Police Commissioner A K Khan said. Nandi Srihari, who had produced Telugu film `Nagaram Nidrapotunna Vela”, had suffered financial loss, but he had started shooting a new film starring Jagapathi Babu,Khan said. Gurudeva Infra Developers collected Rs 132 crore from 38,500 people, through a scheme wherein it sold plots to the members, promising them monthly returns.
The company returned about Rs 90 crore to the agents as commission. It did not invest the money collected, but rotated it among the members, Khan explained. Tata Pramod and N Ajay Raj were operating money-circulation scheme under the banner of Vishwajyothi Realtors since May. They had lured about 45,000 customers.Each member had to pay Rs 10,000 and was supposed to get back Rs 40 crore in return. “The promoters had wound up the office and were about to abscond,” Khan added.
–Agencies