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Enforcement Directorate attaches Rs 3.04 crore of Hyderabad marketing company

The Enforcement Directorate on Saturday attached assets worth Rs 3.04 crore of Vishwajyothi Realtors Pvt Ltd, a multi-level marketing company that allegedly cheated the public crores of rupees.

Published: 02nd April 2017 05:28 AM  |   Last Updated: 02nd April 2017 05:28 AM   |  A+A-

By Express News Service

HYDERABAD: The Enforcement Directorate on Saturday attached assets worth Rs 3.04 crore of Vishwajyothi Realtors Pvt Ltd, a multi-level marketing company that allegedly cheated public to the tune of tens of crores of rupees. Vishwajyothi Realtors was established in Ameerpet in 2011.

It had invited investments of Rs 10,000 per person from members of the public, promising returns of Rs 100 a day till the amount reached Rs 40,000. Hundreds invested but as it failed to repay amounts, complaints were lodged with Punjagutta police. Subsequently, during raids in 2011, the police seized Rs 2.7 crore from the company and arrested three persons Tata Pramod, Nama Ajay Raj and Pinreddy Ravinder Reddy and later, the Central Crime Station police held V Surender, K Chokka Rao, M Yella Swamy, V Devender Rao, S Pinakapani, S Venkat Raju and Shaik Nagul Meera.

The company had reportedly paid Rs 24 crore as commission to agents and around Rs 10 crore was used to purchase assets. The ED on Saturday stated it had attached the assets under Prevention of Money Laundering Act.



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