Police quizzes Gril's director, MD for cheating
Hyderabad: The Central Crime Station sleuths of Hyderabad city police commissionerate on Tuesday grilled the managing director of GRIL (Green Ray International) Mir Sahiruddin and one of its directors, Mir Saha, in connection with a Ponzi scheme and also for involving in a multi-level marketing registered in 2015.
The accused were arrested by the Central Bureau of Investigation in 2017.
They were accused of cheating city residents on the pretext of paying huge returns for their investments with the company.
They used to sell gold and silver and purchase the same when the prices go up, luring more customers.
Mir Sahiruddin and Ayub Saha of Balasore city in Odisha along with a few others established a company named Green Ray International in 2004, which started as a chit fund firm.
They lure the gullible with Ponzi schemes and started selling and purchasing gold besides offering commissions for introducing the members to new persons to join the scheme.
Sahiruddin and Ayub started the business in Kalapathar area in 2013.
As the number of the victims increased, they started giving the money on installment.