: MLM fraud racket busted, Rs 10.50 lakh seized in Warangal #IndiaNEWS #News Warangal: In a major breakthrough, the Commissioner’s Task Force sleuths along with Hanamkonda police apprehended two persons

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MLM fraud racket busted, Rs 10.50 lakh seized in Warangal #IndiaNEWS #News
Warangal: In a major breakthrough, the Commissioner’s Task Force sleuths along with Hanamkonda police apprehended two persons involved in the multi-level marketing (MLM) fraud racket and seized Rs 10.50 lakh in cash and a car.
The accused are Bongani Raju Goud of Kashibugga, and Bommagani Mallehsam of Rangashaipet. One more accused Motapothula Venkatesh Goud, who is a realtor from Annaram Shareef village is at large.
It is said that they had duped the people to the tune of nearly Rs 1.67 crore on the pretext of providing Bitcoins, according to a press note released here on Thursday by the Task Force police. “One Motapothula Venkatesh Goud, who started ESPN Oracle Agency, has been providing membership on minimum payment of Rs.4,000 per head.
Thus, he along with accomplice have collected an amount to the tune of Rs.1.67 crore. Further, they also promised that members that they will be paid with Rs 50,000 per month if the member pays Rs.2.64 lakh at a time, but no such amount was given to the customers.
When asked by the victims about their money, they had dragged on the matter on the pretext of something or the other,� said Additional DCP Vaibhav Raghunath Gaikwad.
“The amount collected from the people was routed to real estate business such as Aksharaveda Farmland by Mothapothula Venkatesh,� Gaikwad said. The police have so far identified as many as 38 victims. Task Force Inspector Ch Srinivas Ji and others have participated in the operation.
Meanwhile, the Additional DCP has also said that fraudsters/cheaters were exploring various methods to cheat the people taking advantage of their weakness/financial emergencies and thus putting the lives of the public into misery, and appealed to the people to be very cautious from such frauds and cheating.
 

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