Nation Current Affairs 15 Dec 2018 Hyderabad: Govt ...

Hyderabad: Govt teacher arrested for MLM fraud

DECCAN CHRONICLE.
Published Dec 15, 2018, 12:44 am IST
Updated Dec 15, 2018, 12:44 am IST
The police found that the company had collected about Rs 150 crore from 1,500 people in the form of investments and promised huge returns.
 The company offered a commission for the marketing agents for finishing a target of getting Rs 5 lakh as investment. (Representational Image)
  The company offered a commission for the marketing agents for finishing a target of getting Rs 5 lakh as investment. (Representational Image)

Hyderabad: A government teacher from Siddipet who floated seven companies under the ‘Sun Power Group of Companies’ to run a multi-level marketing scheme was arrested by the Economic Offences Wing sleuths of Cyberabad Commissionerate. The police found that the company had collected about Rs 150 crore from 1,500  people in the form of investments and promised huge returns.

Sun Pariwar Group, which used the tagline ‘Kalisthe Gelustham’ (We can win together), was run by Methuku Ravinder. He advertised about huge returns if people invested in schemes offered by his companies that run under the group.

 

Methuku Ravinder has been working as a teacher at the Government Upper Primary School in Revalli of Siddipet district.  Ravinder was arrested following a complaint from  one D. Durgadas of Shameerpet.

“The accused offered the public to join in any of the companies by depositing Rs 1 lakh, for which the investor would be paid Rs 5 lakh for 25 months, and also the principal of Rs  lakh on the 26th month. The company offered a commission for the marketing agents for finishing a target of getting Rs 5 lakh as investment. Although Ravinder was running different companies, he followed the same scheme for all the companies,” Cyberabad police commissioner V.C. Sajjanar said.

 

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Location: India, Telangana, Hyderabad




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