Massive deposit scam in Hyd: Eight held for defrauding 3,600 victims of Rs 300 cr
According to the EOW, one of the fraudulent schemes introduced by the accused was called the ‘Buy Back Open Plots’ scheme for 25 months
By Newsmeter Network Published on 15 Nov 2024 10:49 AM GMT
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Hyderabad: The Economic Offence Wing (EOW) of Cyberabad police have arrested eight people for allegedly defrauding up to 3,600 victims to the tune of Rs 300 crore. The accused carried out the fraud in the name of companies such as the 12 Wealth Capital Service Pvt. Ltd., collecting deposits from people in the guise of fraudulent policies and then refusing to pay the promised interest or refund the invested amount.
The eight accused have been identified as Kalidindi Pavan Kumar (managing director of M/s. 12 Wealth Capital Services Pvt. Ltd.) and his associates Ravula Sathyanarayana, Boddulu Harikrishna, Valluru Bhasker Reddy, Pagadala Ravi Kumar Reddy, Kollati Jyothi, Kuralla Mounika, and Kurkula Lavanya.
According to the EOW, one of the fraudulent schemes introduced by the accused was called the ‘Buy Back Open Plots’ scheme for 25 months, as per which each customer has to buy minimum 2 guntas of land by paying Rs. 8.08 lakh. As per the scheme, the company was supposed to give 4% profit to each customer every month, which is Rs. 32,000 per month for 25 months. The business associate would also gets a commission of one per cent, that is Rs. 7,200 per month for 25 months for recruiting customers.
The other fraudulent scheme was called the Double Gold Scheme, where the customer can make an investment of Rs. 4 lakh and upwards. The company promised to give a receipt of bond to these customers, and after completion of the 12 month period, provide them with a gold biscuit worth Rs. 8 lakh with a Switzerland seal.
The third was the ‘Gold Chits’ scheme of 20 months, as per which the customers can invest Rs. 5 lakh and the management would give Rs. 15,000 per month as 3% interest for 19 months. The company promised that they would return the investment of Rs 5 lakh to the customer in the 20th month, besides adding another Rs. 15,000 to it. This means the customer would get a total of Rs. 8 lakh in the end.
Using these schemes, the accused persons collected approximately Rs. 300 crore from 3,600 members.
