Pressmediaofindia
Related Articles
Crime No. 85/2024 U/s 316 (2), 318 (4), 61 (2) BNS, Sec. 5 of the Telangana Protection of Depositors of Financial Establishments Act- 1999 of EOW PS, Cyberabad.
Hyderabad, Nov.15 (Shoukat-PMI): The EOW Police of Cyberabad arrested eight accused, who collected deposits from innocent people on the name of Buy back policy scheme & Double Gold scheme and after collecting huge amounts from the public by not paying interest amount as promised to them and also not repaying the invested amount, the accused cheated the investors on the name of 12 Wealth Capital Service Pvt. Ltd., and other companies.
Consequently, the EOW police arrested the accused identified as Kalidindi Pavan Kumar, Business (MD of Messrs 12 Wealth Capital Services Pvt Ltd) and his associates, Ravula Sathyanarayana, Boddulu Harikrishna, Valluru Bhasker Reddy, Pagadala Ravi Kumar Reddy, Kollati Jyothi, Kuralla Mounika and Kurkula Lavanya.
According to complainant Nayani Harikanta of KPHB, the accused has introduced Buy Back Open Plots Scheme for 25 months (Rs eight lakh 8,000) in which each customer have to buy minimum two guntas of land for which customers has to pay Rs 8.08 lakh, including registration charges. For that the company will give 4% profit to each customer every month which is Rs 32,000 per month for 25 months. For that business associate gets 1% commission that is Rs 7200 per month for 25 months for joining the customers.
Whereas under Double Gold Scheme, the customer can invest up to Rs 4 lakh as minimum investment and can invest huge amount as maximum at a time, for which the company will give receipt of bond to the customer. After completion of the 12 month period, at the end they will give Rs 8 lakh worth Gold Biscuit which has a seal of Switzerland on it to the customers. Under Gold Chits Scheme of 20 months plan, the customers can invest Rs 5 lakh for which the management has promised to give Rs 15,000 per month as 3% interest for 19 months. In the 20th month, by adding another Rs 15,000 by customer, they promised to return the investment of Rs 5 lakh to the customers. That means the customers get Rs 8 lakh as total in the end. In this way, the accused has collected approximately Rs 300 crore from 3600 members.
The case is being investigated by S. Anjaneyulu, Inspector, Economic Offences Wing Police Station, Cyberabad under the supervision of K. Prasad, Dy Commissioner of Police, EOW, Cyberabad. (PMI)
