Student? Unemployed? ALERT! Thousands CHEATED in name of doubling money - Beware!
Who doesn't want to earn money! Who doesn't like to double it in no time! But, the problem erupts when we fail to identify the difference between a genuine investment and a trap to fleece you of your hard-earned money. One such incident came to light when Hyderabad Police arrested a man and his son from Noida.
Who doesn't want to earn money! Who doesn't like to double it in no time! But, the problem erupts when we fail to identify the difference between a genuine investment and a trap to fleece you of your hard-earned money. One such incident came to light when Hyderabad Police arrested a man and his son from Noida. The Managing Director of multilevel marketing company eBIZ and his son were arrested by the Hyderabad Police from company's Noida office on Tuesday for allegedly cheating thousands of people including students and unemployed youths to the tune of Rs 5,000 crore nationwide, as per a report in news agency IANS.
Cases against this company were registered all over the country. The accused persons used to target students and unemployed youths.
The promoters of company gave them motivational lectures stating that there is a profitable business opportunity which will yield them huge profits. Once customers joined by paying a DD to the company, a username and password would be generated.
The promoters also lured students that their money invested in the company's account would be given back in double figures after a just month.
What's the complete matter? What police REVEALED?
A senior police officer said that some arrests have been made and that more people will be apprehended in this fraud soon. A police team on Wednesday again visited the company in Noida and seized some documents. The police have freeze bank accounts of eBiz.com Pvt Ltd company and its directors that purportedly have around Rs 389 crore deposited in them.
"The company head office was sealed by the police and an amount of Rs 389 crore were frozen in the company's bank account. During investigation it was found that Pavan as MD, his wife Anitha as Dierctor and son Hitikh Malhan looked after company's affairs," he said.
What are case details?
Two cases were registered against the company at Warangal and Adilabad, said V.C. Sajjanar, Commissioner of Police, Cyberabad.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.