Hyderabad: The public in Hyderabad continue to fall prey to the fraudsters. This time the innocent people have been cheated in the pretext of investing in a marriage bureau.
The much publicised Al Madina marriage Bureau has downed the shutters and its founder had allegedly went into hiding. Several persons in city have invested in the marriage bureau in the form of ponzi scheme who were promised of getting handsome returns.
The firm offered Rs 5,000 as interest for every Rs 1 lakh invested with them.
The marriage bureau has 20 offices across the city and districts in Telangana with its head office in Towlichowki. Several people across Hyderabad have invested lakhs of rupees in the ponzi scheme.
In the FIR filed at the central crime station (CCS), the police booked all the accused in the Al Madina marriage bureau scam under Section 406 (Punishment for criminal breach of trust), Section 420 (Cheating and dishonestly inducing delivery of property) as well as sections of the Telangana State Protection of Depositors of Financial Establishments (TSPDFE) Act, 1999.
However, the founder and proprietor of Al Madina marriage bureau, Sheikh Mahmood still remains elusive to the police since June this year.
The police officers opined that that ponzi scheme scams are rampant across the country and not just limited to Hyderabad. A fixed deposit at bank offers you a maximum of 6% annual interest.but the fraudters lucrative offer with 5% interest per month, hence gullible fall prey to the white collar offenders easily.
Two years ago a similar scam was witnnesed in Hyderbad where Heera Gold, a investment group allegedly duped public of several crores.
“The public shall not fall prey to those cheaters who offer attractive schemes and does not have valid license from the concerned authorities to run the business” said Joint Commissioner of Police CCS Avinash Mohanty.