Two held for commodity fraud in Hyderabad

After collecting a large amount of money from the investors, the accused shut shop and were absconding from November 10.

Hyderabad: The city police’s detective department on Saturday arrested two persons for their alleged involvement in a commodity trading scam.

The accused were identified as Tekula Mukthi Raj and Gattagalla Bhasker. The police said they invited people to invest money and offered about 3 percent returns on a daily basis. They began as Real Life Infra Developers and then changed it to Multyjet Trade Pvt Ltd and operated from Habsiguda.

Investors were given access to details on the firm’s website with an ID. Once logged in, the investors were able to see investments in 11 commodities. At the end of the day, profit was displayed based on the trends in the commodities.

The accused allegedly collected trends feed from a person named Mushtaq in Mumbai and accordingly adjusted the investment trends on their website. After collecting a large amount of money from the investors, the accused shut shop and were absconding from November 10.

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