8 held in Cyberabad for duping depositors in the name of buy back open plots scheme
Hyderabad: Officials from the Cyberabad economic offences wing (EOW) arrested eight persons, including women, for allegedly collecting deposits from innocent people in the name of ‘buyback policy’ and ‘double gold scheme’. They swindled 3,600 people to the approximate tune of `300 crore.
According to the police, the accused include Kalidindi Pavan Kumar, MD of 12 Wealth Capital Services Pvt. Ltd, Ravula Satyanarayana, Boddulu Harikrishna, Valluru Bhasker Reddy, Pagadala Ravi Kumar Reddy, Kollati Jyothi, Kuralla Mounika and Kurkula Lavanya.
The scam came to light after one Nayani Harikanta, a resident of KPHB, lodged a complaint with the police.
The accused came up with a 25-month ‘buy back open plots’. Each customer had to buy a minimum of two guntas of land, at Rs 8.08 lakh including registration charges. The company assured each customer four per cent profit every month — summing up to Rs 32,000 per month for 25 months. For that, a business associate gets one per cent commission of Rs 7,200 per month for 25 months for enrolling customers.
In the double gold scheme, the customer can invest up to Rs 4 lakh as minimum investment. The company duly issued receipt of bond to the customer. After completion of the 12 month period, each customer was assured of Rs 8 lakh worth Swiss-make gold biscuit.
Under the gold chits scheme of 20 months, the customers could invest Rs 5 lakh for which the management promised to give Rs 15,000 per month as three per cent interest for 19 months. In the 20th month, the customer had to add another Rs 15,000 to eventually get five lakh. The customers are assured to get `eight lakh in the end. In this way, the accused collected approximately Rs 300 crore from 3,600 members.
The case was registered under Section 316 (2), 318 (4), 61 (2) of the BNS and Section 5 of the Telangana Protection of Depositors of Financial Establishments Act, 1999.