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Class 7 Dropout Assured To Multiply Money 12 Times In 2 Years, Duped 20 Lakh People Of Rs 1200 Crore

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Class 7 Dropout Assured To Multiply Money 12 Times In 2 Years, Duped 20 Lakh People Of Rs 1200 Crore

Fraudsters are always trying to lure us into their schemes and rob us of our hard-earned money and it is only we who have to be alert and cautious. You must have heard about the multi-level marketing companies but today we are going to tell you about a company that had been cheating people in the name of business.

A multi-level marketing company named Future Maker Life Care Global Marketing Pvt. Ltd. that has its headquarters in Haryana is now in problem as Cyberabad police has arrested its MD and Chairman Radhe Shyam who is a class 7 dropout and another high official Surender Singh.

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All the five bank accounts of the firm have been seized and the total amount that was in these accounts was around Rs 200 crore while police suspects that the firm has collected nearly Rs 1200 crore from 20 lakh people.

As per Cyberabad Police Commissioner VC Sajjanar, prime targets of the company used to be jobless youngsters, retired persons and housewives who are looking for some extra money. The maximum victims belong to Haryana, Delhi, Orissa, Maharashtra, Hyderabad and Madhya Pradesh. People were lured by showing the dream of earning huge money. Registration fees for becoming a member was Rs 7,500 out of which Rs 2,500 was paid as cash back and for getting the remaining amount, the person has to make purchases of medicines and clothes. People who join the scheme are promised Rs 60,000 in two years which means 12 times of Rs 5,000 (7,500 – 2,500 = 5,000).

Below is detail of the banks in which the company has its account and the amount in these accounts:

IndusInd Bank – Rs 14,78,06,585 (Rs 14 crore)

Bandhan Bank – Rs 20,47,08,071 (Rs 20 crore)

Axis Bank – Rs 56,20,45,542 (Rs 56 crore)

HDFC Bank – Rs 1,250,839,475 (Rs 120 crore)

Canara Bank – Rs 2,00,49,198 (Rs 2 crore)

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Economic Offences Wing of Cyberabad police has taken action and seized all these bank accounts.

Cyberabad Police Commissioner VC Sajjanar has requested people to be alert and not to become victim of multi-level marketing frauds. He said that anyone who joins the money circulation scheme can also be sent to jail as per Sec 3 of the Prize Chits & Money Circulation Schemes (PCMCS) Banning Act.

Please be aware of such frauds and if you come across anything like this, inform police.

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