Warangal: The Matwada police of Warangal division on Saturday busted a multi-level marketing racket here running to Rs 1.8 crores and arrested an accused person for allegedly cheating the public under the guise of Reliance Securities Private Limited.
The accused, Arun Kumar, was arrested for running the bogus multi-level marketing, in which he cheated around 200 depositors.
The suspect with an intention to cheat the common people and thereby for illegal gains, took the franchise of Reliance Securities at Warangal branch in the name of A2 N Ramu and engaged some agents and created bogus stamps, receipt books and other forged documents.
The police registered a case under Sections 120(B), 419, 420, 468, 471, 409 IPC and Section 5 of Telangana Protection of Depositors of Financial Establishments Act 1999 and arrested the accused.
A net cash amount of Rs 6 lakhs, vehicles, a laptop, a CPU, a printer and three mobile phones were seized.