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Shocking! Class 7 dropout's company loots 20 lakh people of Rs 1,200 crore on pretext of quick investment returns

Speed News Desk | Updated on: 9 September 2018, 14:49 IST

A multi-level investment and marketing money circulation a class 7 dropout's company operating from Haryana duped 20 lakh people across the country of more than 1,200 crores under the pretext of returns on investments. The company looted its customers and the fraud was busted by the Cyberabad police.

The cops have arrested two key suspects -- Radheshyam and Surender Singh, belonging to Haryana and seized `200 crores from them. Another accused is absconding. Radhe Shyam, a class 7 dropout and the Chairman-Managing Director of a company accused of duping 20 lakh people.


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 the Registrar of Companies (ROC).

‘’They charged `7,500 for every person as joining fee for the scheme and the promise was that they would get a pair commission of `500 for joining two more new members apart from a credit of `2,500 every month for two years. This way, the cheated were promised `60,000 in two years for an investment of `7,500,” Sajjanar said.

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

Cyberabad police will write to RBI on banks said Sajjanar. “We will write to the Reserve Bank of India on how the banks failed to identify the scam at an early stage,” he said.

Also read: Bharat Bandh called by Oppositions lead by Congress on Monday: Daily life to be affected in several cities; everything you need to know

First published: 9 September 2018, 14:49 IST
 
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