Nation Crime 17 Nov 2022 Cops, jailors among ...

Cops, jailors among Multi Jet Ponzi scheme victims

Published Nov 17, 2022, 4:48 pm IST
Updated Nov 17, 2022, 4:48 pm IST

Hyderabad: As the list of victims of the multi-crore investment fraud allegedly pulled off by Multi Jet Trading Private Limited continued to get longer, the police and the prison departments were also found to have been duped to a large extent.

Other victims who complained to the police against the orchestrator of the crime, Mukthi Raj, included government officials, doctors and technological professionals.

The company gave investors a return of Rs 2,000 per day, after tax, on an investment of Rs 1 lakh.

The main accused, Mukhti Raj, came in contact with the prison department through a common friend, who arranged for a meeting at Raj’s office in Habsiguda.

Also, Raj got acquainted with prison staff during his stay at Cherlapally, Chanchalguda and Warangal central prisons on judicial remand in cheating cases. Upon floating Multi Jet Trading firm in June 2022, he lured them to invest in it.

As they started receiving profits, the jail officials shared it with their colleagues, and a huge police contingent also followed suit in making investments.

The word of mouth continued to spread, with officials from government departments also investing in the company. To handle the increased money inflow, Raj launched a mobile app for clients to handle their activities.

However, the option to withdraw money became inactive on the app last week, following which investors started inquiring and found that Raj was absconding.

Prions department staff, when enquired, defended their investments. They denied reports that Raj befriended them while he was lodged in judicial remand and said that it was coincidental that many of them had invested in the firm.

Location: India, Telangana, Hyderabad


More From Crime