HYDERABAD: Two persons, who reportedly duped people on pretext of Multi Level Marketing (MLM) scheme by collecting Rs 4.52 crore, were arrested by the Hyderabad Police on Saturday.
Former APSP constable J Shyam Sundar(48), who is also director of E-Cash Trade Securities, Red Hills, Nampally was arrested along with one P Vaasu Deva Naidu(26), managing director of the same firm.
A year ago, Shyam Sundar came in touch with Vaasu Deva Naidu, who was working as junior director in Tollywood.
“The accused floated a company on the name E Cash Trade Securities and enrolled at least 400 members with 6,500 accounts into the scheme by offering four different schemes,”the Police Commissioner said.
The accused collected about `4.52 crore and repaid some amount as a commission to the enrolled customers.
The first 50 members were benefited and remaining 350 members were cheated by the accused persons under this scheme. The accused targeted to collect `50 crore out of this scheme. On a tip off, the Task Force sleuths arrested the accused and handed over to Nampally police for further investigation.