Nation Current Affairs 16 Dec 2018 Hyderabad: Sun Pariw ...

Hyderabad: Sun Pariwar CEO held in multi-crore marketing scam

DECCAN CHRONICLE.
Published Dec 16, 2018, 1:28 am IST
Updated Dec 16, 2018, 3:02 am IST
Police also issued orders to freeze Rs 14 crore in accounts of the group in various banks in Andhra Pradesh and Telangana.
A cheating case was registered against Ravinder under section 420 of the IPC besides Section 5 of Andhra Pradesh Protection of Depositors of Financial Establishments Act, 1999.  (Representational Image)
 A cheating case was registered against Ravinder under section 420 of the IPC besides Section 5 of Andhra Pradesh Protection of Depositors of Financial Establishments Act, 1999. (Representational Image)

Hyderabad: The Economic Offences Wing officers, Cyberabad, arrested the 23-year-old director of Sun Pariwar, in connection with a multi-crore marketing scam on Saturday. 

Following the arrest of M. Ravinder, the CEO of Sun Pariwar who cheated customers by attracting them with fake schemes and collecting huge amounts to the tune of about Rs 150 crore as deposits, the officials also arrested Pulamgari Mounika, 23, the director of Sun Pariwar.

 

Police also issued orders to freeze Rs 14 crore in accounts of the group in various banks in Andhra Pradesh and Telangana.

Ravinder, who was working as a government teacher at the Upper Primary School, Revalli, was not satisfied with his earnings and decided to start his own company with close associates and relatives.

Ravinder used to attract customers with a slogan of ‘Kalisthe Gelustham (together we win)’ and collected huge amounts to the extent of `150 crore from investors. His modus operandi was to collect `1 lakh in the form of deposits for which the depositor would be returned `6,000 per month as interest for 25 months.

 

In the 26th month, the depositor would be returned the principal amount of Rs 1 lakh.

“A cheating case was registered against Ravinder under section 420 of the IPC besides Section 5 of Andhra Pradesh Protection of Depositors of Financial Establishments Act, 1999. The other directors of the company are absconding,” the police said.

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Location: India, Telangana, Hyderabad




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