Hyderabad: The Cyberabad Police Economic Crimes Wing (EoW) has seized a multi-level marketing scheme run by a company called Indus Viva and arrested 24 people on charges of investor fraud.
According to the police, about 10 lakh people were defrauded for an amount of R 500 million. Police froze the bank accounts of the company in which about Rs. 20 crore has been deposited.
Cyberabad Police Commissioner VC Sajjanar announced on Saturday that the arrest illegally runs the multi-level marketing scheme and attracts the public through promoters and agents who promise a high return on investment. The public was asked to make an investment of Rs. 12,500 to become a member.
‘The company has introduced various schemes for the people and enticed them to invest money. “Those who entered were attracted with further incentives and bonus offers to introduce more members to the company,” said Sajjanar.
The company has supplied various ranks such as Star Distributor (Star, Star-250 and Star-500), Ruby CEO, Pearl CEO, Emerald CEO, Sapphire CEO, Executive Diamond, Executive Blue Diamond and Black Diamond ambassador for its members.
Following a complaint, police arrested Abhilash Thomas, CEO of Indus Viva Health Sciences Private Limited of Bengaluru, along with other drivers and agents. Two of the suspects identified so far are on the way.
Source: Telangana Today