Nation Current Affairs 18 Nov 2018 IIT dropouts among 9 ...

IIT dropouts among 9 arrested in multi-crore fraud case in Hyderabad

PTI
Published Nov 18, 2018, 8:40 am IST
Updated Nov 18, 2018, 8:40 am IST
The CEO of company, its two directors and six others have been held and their bank accounts totalling Rs 40 lakh have been seized.
The nine people were charged various sections of the Indian Penal Code and the Prize Chits and Money Circulation Schemes (Banning) Act, 1978, the release said. (Representational Image)
 The nine people were charged various sections of the Indian Penal Code and the Prize Chits and Money Circulation Schemes (Banning) Act, 1978, the release said. (Representational Image)

Hyderabad: Nine people, including some IIT dropouts, have been arrested in connection with a Rs 30 crore Multi Level Marketing fraud case, police said.

The CEO of the company, its two directors and six others have been arrested and their bank accounts totalling Rs 40 lakh have been seized, a police release said. The company allegedly sold products, including to gain weight.

 

The scheme involves members enrolling new members, for which commissions were promised, it said.

The nine people were charged various sections of the Indian Penal Code and the Prize Chits and Money Circulation Schemes (Banning) Act, 1978, the release said.

...
Location: India, Telangana, Hyderabad




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