HYDERABAD: A key accused concerned in working a multi-level advertising and marketing (MLM) firm, V-Empire, which allegedly duped 163 buyers of Rs 3 crore and working out of Swapnalok Advanced, Secunderabad, has been arrested from his hideout in Bengaluru.
Central Crime Station (CCS) police on Monday arrested 32-year-old Ch Upendranadha Reddy alias VC Upendranath Reddy for his alleged position in 4 dishonest circumstances.He was remanded in judicial custody on Tuesday.
Gutted Swapnalok con base, 9 linked to bogus agency held
Police have thus far arrested 9 accused in 4 circumstances. A fireplace broke out at an workplace at Swapnalok Advanced in March and 6 individuals related to the MLM agency perished within the accident.
4 circumstances have been registered by Mahankali police since March 2023 in opposition to QNet, Vihaan Direct Promoting Pvt Ltd, V-Empire, G Rajesh alias Rajesh Khanna, Upendrana-dha Reddy and others. The circumstances have been transferred to the CCS police station.
In line with assistant commissioner of police N Ashok Kumar, 12 accused established V-Empire, a bogus firm, at Swapnalok Advanced, and picked up cash from unemployed youth by promising excessive returns.
“The accused, Rajesh Khanna and VC Upendranath Reddy in collusion with others, operated an unlawful pyramid scheme disguised as a direct promoting enterprise. They carried out motivational courses and lured victims within the title of e-commerce busine-ss. They promised month-to-month returns ranging between ₹20,000 and ₹60,000 on investments ranging ₹50,000 to ₹1.5 lakh,” the ACP added.
In the course of the investigation, police recorded the statements of 163 victims, whose collective loss was to the tune of ₹3 crore. Moreover, 35 financial institution accounts belonging to the accused individuals and Vihaan Direct Promoting Pvt Ltd, having a steadiness of ₹54 crore, have been frozen, he stated.
After the investigation, the variety of accused within the case has reached 15 and thus far police arrested 9 of them, together with Rajesh Khanna and Reddy. Rajesh was arrested in Might. In line with the CCS police, pyramid schemes have been strictly prohibited by the state authorities’s Telangana Direct Promoting tips of 2017.
“These tips are designed to guard the general public from fraudulent or misleading practices in direct promoting. If you happen to come throughout schemes that promise excessive returns with minimal or no danger, it’s advisable to not get entangled in such actions. As a substitute, it is best to train warning and report any suspicious schemes to the closest police station or acceptable authorities. By reporting these schemes, you possibly can contribute to safeguarding the pursuits of the general public and forestall others from falling sufferer to potential fraud,” police stated.
Central Crime Station (CCS) police on Monday arrested 32-year-old Ch Upendranadha Reddy alias VC Upendranath Reddy for his alleged position in 4 dishonest circumstances.He was remanded in judicial custody on Tuesday.
Gutted Swapnalok con base, 9 linked to bogus agency held
Police have thus far arrested 9 accused in 4 circumstances. A fireplace broke out at an workplace at Swapnalok Advanced in March and 6 individuals related to the MLM agency perished within the accident.
4 circumstances have been registered by Mahankali police since March 2023 in opposition to QNet, Vihaan Direct Promoting Pvt Ltd, V-Empire, G Rajesh alias Rajesh Khanna, Upendrana-dha Reddy and others. The circumstances have been transferred to the CCS police station.
In line with assistant commissioner of police N Ashok Kumar, 12 accused established V-Empire, a bogus firm, at Swapnalok Advanced, and picked up cash from unemployed youth by promising excessive returns.
“The accused, Rajesh Khanna and VC Upendranath Reddy in collusion with others, operated an unlawful pyramid scheme disguised as a direct promoting enterprise. They carried out motivational courses and lured victims within the title of e-commerce busine-ss. They promised month-to-month returns ranging between ₹20,000 and ₹60,000 on investments ranging ₹50,000 to ₹1.5 lakh,” the ACP added.
In the course of the investigation, police recorded the statements of 163 victims, whose collective loss was to the tune of ₹3 crore. Moreover, 35 financial institution accounts belonging to the accused individuals and Vihaan Direct Promoting Pvt Ltd, having a steadiness of ₹54 crore, have been frozen, he stated.
After the investigation, the variety of accused within the case has reached 15 and thus far police arrested 9 of them, together with Rajesh Khanna and Reddy. Rajesh was arrested in Might. In line with the CCS police, pyramid schemes have been strictly prohibited by the state authorities’s Telangana Direct Promoting tips of 2017.
“These tips are designed to guard the general public from fraudulent or misleading practices in direct promoting. If you happen to come throughout schemes that promise excessive returns with minimal or no danger, it’s advisable to not get entangled in such actions. As a substitute, it is best to train warning and report any suspicious schemes to the closest police station or acceptable authorities. By reporting these schemes, you possibly can contribute to safeguarding the pursuits of the general public and forestall others from falling sufferer to potential fraud,” police stated.