HYDERABAD: Hyderabad Task Force sleuths, on Thursday, arrested three persons, including a media employee based in Delhi, for their alleged involvement in a money circulation scheme.
The arrested persons have been identified as Hadman Lal Kumavath, 46, who works with IB News and Navtej TV in Delhi, Milan Gopal Ji, who runs a tier business in Gujarat, and Narpat Jain, 48, an electrical businessman at Troop Bazar.
Earlier, Kumavath and his friend Pankaj Ganguli had established a multi-level marketing company by the name Yodlei Tradecom India Private Limited. The accused had collected `2 crore from customers, but didn’t pay them back. They then closed down the business. In this regard, a cheating case was registered against them by Neredmet police in 2015.
Recently, Kumavath hatched yet another plan to lure people into giving him money by opening an online trading company called Hypenext. He got many customers to invest in his business.
Kumavath and the other accused Milan Gopal Ji and Narpat Jain, set up an office at Abids for the same. In the early stages, the accused managed to show profits to customers. They then duped them after collecting huge amounts.