Cyberabad police busts gang involved in Multi-crore scam

Hyderabad: Cyberabad police today arrested 24 members of a gang involved in Multi-crore scam. The gang had run a Ponzi scheme and swindled Rs.1500 crore from the gullible investors.

Revealing details about the scam, Cyberabad CP VC Sajjanar said that the gang members had set up a firm by name Indus viva health sciences to collect money from the victims.

He said that they collected Rs.12500 as an entry fee to give membership to new members and promised them returns if they brought other members under them in the form of chain business. The CP said that the gang had collected Rs.1500 crore from ten lakh people and cheated them.

MS Education Academy

He said that they launched the investigation in the case after receiving a complaint against the company ten days back. He said that they had seized Rs. 20 crore in the bank accounts of the accused .

He said that three government teachers and their wives were also among those gang members arrested by them. He said that the government teachers used to take leaves from their duty to commit the offences. The kingpin of the scam and the chairman of the company is on the run now.

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