Hyderabad, Sept 9: Two alleged fraudsters were held by the Hyderabad police after busting a Rs 1,200-crore multi-level money circulation racket. The accused, who have been sent to custody, were identified as Radhe Shyam and Surender Singh, belonging to Hisar in Haryana.
The arrests were made by the Economic Offences Wing of the Cyberabad police, which monitored the financial activists of the accused to establish the prima facie case against them.
The investigators have seized Rs 200 crores after apprehending Shyam and Singh. The amount was deposited in various banks, including the IndusInd Bank, Bandhan Bank, Axis Bank, HDFC and Canara Bank. Their accounts have also been freezed.
Cyberabad police chief VC Sajjanar, while explaining the modus operandi of the scam, said the duo had set up a firm named as Future Maker Life Care Global Marketing Pvt. Ltd, and registered it with the Registrar of Companies (RoC) in New Delhi to avoid suspicion.
Over the past two years, they held several public meetings in Mumbai, Pune, parts of Maharashtra, Telangana and Hyderabad. Investors were asked to join the company with a fee of Rs 7,500. They were assured monthly returns of Rs 2,500, if they could get two new investors registered each month. On each new entrant, they were ensured a commission of Rs 500, apart from the monthly return of Rs 2,500.
The accused duo had earlier worked as professionals in various companies, including Goodway, RCM (Right Connect Marketing) and others.