HYDERABAD: A key accused concerned in working a multi-level advertising (MLM) firm, V-Empire, which allegedly duped 163 traders 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 instances. 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 instances. A hearth broke out at an workplace at Swapnalok Advanced in March and 6 individuals related to the MLM agency perished within the accident.
4 instances had been registered by Mahankali police since March 2023 towards QNet, Vihaan Direct Promoting Pvt Ltd, V-Empire, G Rajesh alias Rajesh Khanna, Upendrana-dha Reddy and others. The instances had 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 identify 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.
Through 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 stability 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 Could. In line with the CCS police, pyramid schemes had been strictly prohibited by the state authorities’s Telangana Direct Promoting pointers of 2017.
“These pointers are designed to guard the general public from fraudulent or misleading practices in direct promoting. In the event you come throughout schemes that promise excessive returns with minimal or no threat, it’s advisable to not get entangled in such actions. As a substitute, it’s best to train warning and report any suspicious schemes to the closest police station or applicable authorities. By reporting these schemes, you may 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 instances. 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 instances. A hearth broke out at an workplace at Swapnalok Advanced in March and 6 individuals related to the MLM agency perished within the accident.
4 instances had been registered by Mahankali police since March 2023 towards QNet, Vihaan Direct Promoting Pvt Ltd, V-Empire, G Rajesh alias Rajesh Khanna, Upendrana-dha Reddy and others. The instances had 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 identify 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.
Through 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 stability of ₹54 crore, have been frozen, he stated.
Increase
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 Could. In line with the CCS police, pyramid schemes had been strictly prohibited by the state authorities’s Telangana Direct Promoting pointers of 2017.
“These pointers are designed to guard the general public from fraudulent or misleading practices in direct promoting. In the event you come throughout schemes that promise excessive returns with minimal or no threat, it’s advisable to not get entangled in such actions. As a substitute, it’s best to train warning and report any suspicious schemes to the closest police station or applicable authorities. By reporting these schemes, you may contribute to safeguarding the pursuits of the general public and forestall others from falling sufferer to potential fraud,” police stated.