Hyderabad police arrest eBiz Director and his son In A Fraud of Rs. 5000 Cr.

Hyderabad police arrest eBiz Director and his son In A Fraud of Rs. 5000 Cr.

We have come across the news many times that people con for making money at different levels.But in the end they are behind the bars .as they say ‘ every criminal leaves some evidence behind’.

Recently Hyderabad Police caught The Managing Director of multilevel marketing company eBIZ and his son from the company’s Noida office as they deliberately con thousands of people, including students and unemployed youths, to the tune of Rs 5,000 crore nationwide. The company was running since 2001 from Noida.

A team from the Hyderabad police raided the company’s office at Noida sector 63 and arrested Managing Director Pavan and his son Hitikh Malhan.

A senior police officer stated : “Pavan and Hitikh Malhan were arrested from Noida, while they were trying to escape from the company,” He also gave a hint that more arrests in this connection would be made soon. A police team on Wednesday visited the company in Noida again and seized some documents.

The police has seized the bank accounts of eBiz.com Pvt Ltd Company and its directors, who have around Rs 389 crore deposited in the company.

The company head office was sealed by the police and an amount of Rs 389 crore was frozen in the company’s bank account. During investigation, it was found that Pavan as MD, his wife Anitha as director and son Hitikh looked after the company’s affairs,” the official stated.

VC Sajjanar, Commissioner of Police, Cyberabad said that two cases were registered against the company at Warangal and Adilabad and all over the country

They targeted students and unemployed youths at initial levels. Their Modus operandi was motivational lectures making them realise the profitable business opportunity . After taking advance from the willing target , a username and password would be generated. For students they had different tack ticks that their money invested in the company’s account would be returned as double the given amount.

source

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