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
Akshaya Gold Farms and Villas Multi-Level Marketing (MLM) cheaters arrested by CID
No comments yet! Be the first one to leave a comment.
|Kolkata, Apr 24 (IBNS): Jewellery brand Tanishq on Thursday announced exciting offers on the auspicious occasion of Akshaya Trithiya, here.
|Hyderabad April 23/2012 (INN) : Women shopping for gold jewellery on the occasion of Akshaya Tritiya here on Monday.|
|Kolkata, Apr 28 (IBNS): Jewellery brand Senco Gold Jewellers recently launched the platinum jewellery range to mark the occasion of Akshaya Trithiya|
|Kolkata, Apr 26 (IBNS): Senco Gold Jewellers in Kolkata has unveiled a special range of platinum jewellery, deity pendants and eternal white platinum|
|Mumbai / Kolkata, May 9 (IBNS): The World Gold Council, in partnership with India Post and Reliance Money, is offering consumers a price reduction of|
More Hyderabad News
|Doctors participate in Clean India Campaign on Republic Day in Hyderabad|
|Hyderabad DCP Kamalasen Reddy inaugurates 31 CC Cameras at Jagdish Market, Abids, Hyderabad|
|Hyderabad South Zone Police hoisted Indian Flag at Sri Ram Nagar Safe Colony on 66th Republic Day of India|
|Hyderabad Lake Police rescue woman from committing suicide|
|40.2 Tola Gold and Rs. 2.5 Lakhs recovered by Hyderabad Police at Chaderghat|
|Akbaruddin Owaisi hoisting Indian Flag at Hyderabad on 66th Republic Day celebrations|
|Swine Flu medical camp in Old City, Hyderabad organized by HRO|