Investment fraud: Hyd police nab 2 kingpins behind multi-crore Multyjet scam

Hyderabad: Two persons were arrested on 26 November by the detective department of the Hyderabad police for pulling off a multi-crore investment fraud.

The arrested persons were identified as Mukthi Raj, the managing director of Multyjet and a resident of Musheerabad, and G. Bhaskar, his associate and a resident of Bandlaguda village in Jangaon.

Multyjet Trade Pvt. Ltd. was launched in July 2022. Initially, it was called Real Life Infra Developers, and in August 2022, its name was changed to Multyjet Trade Pvt. Ltd. The company operated from Habsiguda.

The fraud

Multyjet invited the public to invest money in commodity trading for which it offered 2-3% returns on investments on a daily basis. A website was developed and the investors were given access to the website by creating an ID. Once the investor logged into the website, the amount invested by him was shown and the investor could trade on his investment on 11 commodities available on the website. At the end of the day, the investor's profit was shown based on the trends on the commodities in the website.

To find out the latest trends on commodities, the accused collected trends feed from one of his friends, Mushtaq of Mumbai, and accordingly adjusted the investment on the website.

Later, after collecting a huge amount, on 10 November, Multyjet office was shut down and Mukthi Raj, Bhaskar, and other employees absconded.