Akshaya Gold Farms and Villas Multi-Level Marketing (MLM) cheaters arrested by CID
Hyderabad 17 July, 2013: It has come to our notice that inspite of cases being registered and the accused have been arrested, certain fraudulent companies including the MLM cases are continuing to cheat gullible public.
One such firm is M/s. Akshaya Gold Farms & Villas Pvt. Ltd.
Based on complaints of victims, a case was registered in Cr. No.89/12 u/s 420 IPC, sec. 4,5 r/w 2©, 3 of Prize Chits & Money Circulation Schemes (Banning) Act-1978, Sec. 5 of A.P. Protection of Depositors of Financial Establishment Act-1999 at Ongole I-Town PS, Prakasam District and investigated into. A second case was also registered vide Cr.No.132/12 u/s 420, IPC Sec.4,5 r/w 2(c)(3) of Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and Sec.5 of A.P. Protection of Depositors of Financial Establishments Act, 1999 of Chirala I-Town PS, Prakasam District.
In these cases, out of the 26 identified accused 9 accused were arrested namely, Devaki Harnath Babu (founder member and Director); Andela Srinivasulu (Marketing Manager); Shaik Latheef Basha (Marketing Manager); Maliga Mahaboob Basha (Marketing Manager); Shaik Muzeeb Basha (Marketing Manager); Dokkara Krishna Murthy (Marketing Manager); Shaik Khajavali (Branch Manager); Kallaguntla Siva Kotaiah (Branch Manager); Chandolu Ramalingeswara Rao (Branch Manager) been arrested, 12 accused got anticipatory bails and 5 are absconding.
Properties located at 8 districts viz. Anantapur, Guntur, Kurnool, Krishna, Medak & Nellore & Prakasham and Vizianagaram were identified and can be attached. 145 Bank A/cs having credits of Rs. 10,30,24,655/- were frozen.
In spite of the legal action, the promoters of this company are continuing to cheat innocent and gullible people.
Typically, M/s. Akshaya Gold promises 15 sq.ft. of land against subscription of every Rs.100/- and an undivided agriculture land admeasuring 180 sq.ft in favour of the purchaser for every Rs.1000/- investment. One marketing executive has to join 10 marketing executives on left and right side and the first will be promoted as Sr. Marketing Executive and will get binary commission for new members enrolled. The system will go up to Zonal Manager 1 to Zonal Manager 5. At some juncture, when the chain link breaks, when reached saturation point, the management and top level members will only get benefits and the fresh members will lose their money.
Public at large are requested not to fall prey to such fraudsters.
They should bring such cheating incidents to the notice of the concerned SP or senior officers, without any further loss of time.
- T. Krishna Prasad, IPS, Addl. Director General of Police, Crime Investigation Dept., AP, Hyderabad
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Name of the accused:
1. Shah Mudassir @ Talha, S/o Rahemat Shah, age 25 years, R/O Tajpura Ward, Shah Colony, Omerkhed, Maharashtra.
2. Shoeb Ahmed Khan @ Pusad Shoeb @ Tariq Bhai, s/o Raheem Khan, age 24 yrs, r/o Irrigation Quarters, Akhada Balapur, Pusad, Hingoli District, Maharastra.
Mudassir @ Talha runs Al-Gajali General store at Tajpura ward, Omerkhed. He is BA graduate from MANU. He is member of Student Islamic Movement of India (SIMI). Since his childh ... Read More
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