Hyderabad police busted another money scheme scam

HYDERABAD: Central Crime Station (CCS) police busted a money chain schemeand arrested five persons.

The arrested include S Sunil Kumar Singh alias Siddhu, from Mydukur, P Venkata Raju, from Kukatpally, P Venkata Hanumanth Reddy, from Kadapa, B Yoganandam, from SrikakulamM Veera Brahma Chary, from Jagadgirigutta.

On June 26, 2013, one V Venkata Siva Reddy from SR Nagar lodged a complaint with CCS sleuths alleging that the accused Raju Siddhu duped him his relatives to the tune of Rs 20 lakh in the name of a multi-level marketing scheme.

The complainant said that in April 2013, Raju approached them requested them to place money in their invest schemes on the assurance that he would give 13% interest on the principal amount each day. And to convince them, Rajuhis associate Siddhu showed them two of their websites to explain him about the investment plans.

Following this, Reddy60 others from Hyderabad, Kadapa, Chittoor, TirupatiArcot in Tamil Nadu invested Rs 80 lakh in the MLM scheme launched by the fraudsters. After collecting sufficient money, the accused shut down their websites switched off their phones in May 2013. Based on the complaint lodged by Reddy, CCS police registered a case began probe.

MODUS OPERANDI

They create websites through online like

www.r2h.com and www.tradeprofits.com

and advertise through online and offline to the gullible public if any person invests in their company they would get 13% interest everyday and 20% commission on joining of every new member. Falling prey to this easy money many people invested and after such investments reach high fraudsters down the websites switch off the phones and decamped with the looted money. To get deposit the money by the customers they have opened more than 8 bank accounts on impersonation to escape from the police.

Arrested persons

On Monday, the special team of CCS nabbed the accused from Jagadgirigutt and covered Rs 16..55 lakh cash, documents of a flat (G-2) in Harivillu Apartment located at Survey No. 126 of Manikonda, a Hyundai car, a Yamaha R15 motorcycle10 fake PAN cards. The accused along with the seized property were produced before the court remanded in judicial custody.

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