HYDERABAD: Ch Upendranadha Reddy, 32, a key accused in V-Empire multi-level advertising (MLM) fraud, who was not too long ago arrested by Hyderabad central crime station (CCS) police, proved to be a troublesome nut to crack throughout the interrogation.
With no properties and financial institution steadiness accessible in his identify for seizure, police at the moment are writing to the earnings tax and stamps and registration departments together with his PAN and Aadhaar card particulars to get details about any hidden properties linked to him and financial institution accounts.
In Reddy’s case, cops are but to grab a single property. “We discovered ₹5 crore transactions in the previous few years from the 2 financial institution accounts of Reddy however on the time of his arrest, there was no steadiness in these two accounts. Reddy has been working in Bengaluru for ₹40,000 month-to-month wage and his spouse labored for ₹30,000 wage. We didn’t discover any related objects to grab from the rented lodging of Reddy in Bengaluru,” CCS police stated.
Reddy additionally had a BMW however he instructed cops that he offered it a couple of yr in the past. The automobile with AP registration quantity or the proceeds are additionally but to be traced.
The accused operated two places of work from Swapnalok Complicated in Secunderabad and Habsiguda. Investigaors sought Reddy’s custody and the courtroom granted 5 days of police custody.
Through the interrogation, police came upon that Reddy went into hiding suspecting police crackdown after the Swapnalok Complicated fireplace accident in March this yr.
4 circumstances had been registered by Mahankali police since March in opposition to QNet, Vihaan Direct Promoting Personal Ltd, V-Empire, Rajesh Khanna, Reddy and others. Subsequenbtly, the circumstances had been transferred to the CCS police. Assistant commissioner of police N Ashok Kumar stated the 12 accused established V-Empire, a bogus firm, at Swapnalok Complicated, and picked up cash from unemployed youth by promising excessive returns.
“Rajesh and Reddy in collusion with others operated an unlawful pyramid scheme disguised as a direct promoting enterprise. They carried out motivational lessons and lured harmless depositors within the identify of e-commerce enterprise. They promised month-to-month returns ranging between 20,000 and 60,000 on investments starting from 50,000 to 1.5 lakh,” the ACP stated.
After the arrest of Rajesh in Could, Reddy stopped utilizing his cellphone and adjusted his residence in Bengaluru. Police subsequently seized Rajesh’s seven properties in Vijayawada and two luxurious automobiles, together with a BMW, all value over 3 crore.
With no properties and financial institution steadiness accessible in his identify for seizure, police at the moment are writing to the earnings tax and stamps and registration departments together with his PAN and Aadhaar card particulars to get details about any hidden properties linked to him and financial institution accounts.
In Reddy’s case, cops are but to grab a single property. “We discovered ₹5 crore transactions in the previous few years from the 2 financial institution accounts of Reddy however on the time of his arrest, there was no steadiness in these two accounts. Reddy has been working in Bengaluru for ₹40,000 month-to-month wage and his spouse labored for ₹30,000 wage. We didn’t discover any related objects to grab from the rented lodging of Reddy in Bengaluru,” CCS police stated.
Reddy additionally had a BMW however he instructed cops that he offered it a couple of yr in the past. The automobile with AP registration quantity or the proceeds are additionally but to be traced.
The accused operated two places of work from Swapnalok Complicated in Secunderabad and Habsiguda. Investigaors sought Reddy’s custody and the courtroom granted 5 days of police custody.
Through the interrogation, police came upon that Reddy went into hiding suspecting police crackdown after the Swapnalok Complicated fireplace accident in March this yr.
4 circumstances had been registered by Mahankali police since March in opposition to QNet, Vihaan Direct Promoting Personal Ltd, V-Empire, Rajesh Khanna, Reddy and others. Subsequenbtly, the circumstances had been transferred to the CCS police. Assistant commissioner of police N Ashok Kumar stated the 12 accused established V-Empire, a bogus firm, at Swapnalok Complicated, and picked up cash from unemployed youth by promising excessive returns.
“Rajesh and Reddy in collusion with others operated an unlawful pyramid scheme disguised as a direct promoting enterprise. They carried out motivational lessons and lured harmless depositors within the identify of e-commerce enterprise. They promised month-to-month returns ranging between 20,000 and 60,000 on investments starting from 50,000 to 1.5 lakh,” the ACP stated.
After the arrest of Rajesh in Could, Reddy stopped utilizing his cellphone and adjusted his residence in Bengaluru. Police subsequently seized Rajesh’s seven properties in Vijayawada and two luxurious automobiles, together with a BMW, all value over 3 crore.
