window._taboola = window._taboola || [];_taboola.push({mode: 'thumbnails-a', container: 'taboola-below-article-thumbnails', placement: 'Below Article Thumbnails', target_type: 'mix' });Latest News
The crime investigation department on Saturday arrested four persons who allegedly duped people to the tune of Rs 221 crore in the name of multi-level chain marketing. Police seized three cars _ a Maruti car, an Innova and a new Skoda _ from the accused who had been absconding for one year.
According to the police, the four accused are trustees and coordinators of HIM Society. They were arrested at Sai Ram Apartments at Magapair in Chennai. They are: Thota Srinivasulu (41), resident of Madhavi Enclave, Nellore, and secretary and trustee of HIM Society; A Suvarnaraju (49), resident of Bethanampeta, Nellore; Ch Yesurathnam (40), resident of Kavali; and N Ananda Rao (47), resident of Ambattur, Chennai.
Srinivasulu is the kingpin and he collected about Rs 221 crore by appointing 23 agents in Nellore, Warangal, Hyderabad, Vijayawada and Chennai. He disbursed Rs 120 crore to the public as part of the business operations. Suvarnaraju is related to John Prabhakar, another accused. He worked as Srinivasulu's agent, appointed 49 agents and collected Rs 55 crore and disbursed Rs 62 crore to the public.
As of now , he has to give Rs 17 crore to the public. Yesurathnam appointed 49 agents and collected Rs 32 crore and disbursed Rs 33 crore to the depositors. As on today he has to pay Rs 17.50 crore to the depositors. He helped the trust get a fake ISO certificate through one Eliyazar of Kurnool district. Yesurathnam and Ananda Rao collected amounts from agents stating that they would get Rs 1 crore foreign fund for Rs 1 lakh, and could easily repay the entire amount to the agents,'' said SV Ramanamurthy, additional director-general of police, CID.
He said it came to light during investigation that the accused bought properties with the public money.
Comments
0 comment