SOURCE :- SIASAT NEWS
On Friday, July 31 in Hyderabad, The Economic Offences Wing detained two Pune residents on suspicion of multi-level marketing ( MLM) financial fraud.
Parwinder Singh Fingh, 37, a secret staff, and Padamati Surender Reddy, 55, have been identified as the arrested and work for HSBC.
Ramadevi Gundeti and her father Srinivas Aemula, Satheesh Reddy and Pavani, both of whom claimed they were cheated out of almost Rs 28 lakh, were the victims of a police complaint. Surender Reddy and three others convinced them to make an investment in Vihaan Direct Selling ( India ) Pvt. In exchange for high profits and a direct-selling walk, Ltd.
Police claim that Surender Reddy, who was the top professional, set up a meeting at a hotel in Hyderabad in August of last year. Singh reaffirmed that QNET is a growing global e-commerce and product-based direct-selling company and persuaded the households to participate.
They invested close to Rupees 28 million, or Rs 14.41 million each, in private loans from Bajaj Finance.
The families were repeatedly asked to attract more members and discovered email IDs created without their expertise. They realized they were being defrauded when they requested a refund and participation withdrawal, but they only received vague answers.
They lodged a complaint, and examinations started. Surender Reddy and Parwinder Singh were detained in Pune and later taken into custody.
Another two are fleeing. There are still work to boycott.
SOURCE : SIASAT
