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Nizamabad, 20 November (Shoukat-PMI) — Nizamabad Police Commissioner Mr. Sai Chaitanya has warned the public not to fall into the trap of multi-level marketing (MLM) schemes and online chain systems that promise quick profits. According to the police, such scams are causing ordinary citizens to lose their hard-earned money.
Police have arrested a key suspect, Chandra Shekhar Prasad, involved in the BMB multi-level marketing chain system, who was defrauding citizens through fake schemes, causing losses worth millions of rupees.
The complainant, Bkanna, told the police that on 13 October, he visited the BMB company office near Canara Bank in Kot Galli, where the suspect falsely claimed that the company was based in England. He promised that by investing in the company and rating its advertisements, investors could earn high profits in a short time. Additionally, the company allegedly offered mobile phones and household items as incentives.
Misled by the suspect, the complainant installed the BMB app and invested a total of ₹84,398 across various “levels.” However, when he tried to withdraw the money, the transaction failed, revealing that he had fallen victim to a fraud.
Preliminary investigations by the police revealed that the suspect had defrauded approximately 22 people in a similar manner, while around 750 people had invested in the company. The total losses to victims are estimated to be between ₹1 crore to ₹1.5 crore. Furthermore, all of BMB company’s apps and links have been shut down, and the collected funds were reportedly transferred abroad.
Police Commissioner Mr. Sai Chaitanya urged the public not to trust anyone promising “high profits in a short time.” He advised that if anyone encounters suspicious schemes or individuals, they should immediately report to the nearest police station to prevent further fraud. (pressmediaofindia.com)
