ED attaches Rs 18.79 crore of Multyjet Trade involved in ponzi scam-February 2024-www.financetom.com

ED attaches Rs 18.79 crore of Multyjet Trade involved in ponzi scam

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ED attaches Rs 18.79 crore of Multyjet Trade involved in ponzi scam

Apr 5, 2023 10:05 AM

The Enforcement Directorate (ED) has attached Rs 18.79 cr of Multyjet Trade Pvt Ltd held in 18 bank accounts under the Prevention of Money Laundering Act (PMLA).

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The ED's probe is based on FIR by Telangana Police for alleged fraudulent multi-level marketing and investment schemes through which it duped the general public in guise of an investment scheme.

The Hyderabad police had in 2022 arrested Multyjet Trade Pvt Ltd managing director Tekula Mukthi Raj and his associate Gattagalla Bhasker.

The duo had promised 2-3% returns daily from commodity trading and attracted investors. They collected over Rs 100 crore from them from between August to November 2022 and showed that investors were earning profits on a daily basis. However, the profit details were fake and they were cheating the investors. The duo then shut their office in Habsiguda, leaving the investors high and dry.

Police had said that as many as 400 people had approached them with complaints, and the number could rise.

Also read:

ED arrests man in Kerala ponzi-linked crypto currency fraud case

(Edited by : Pradeep John)

First Published:Apr 5, 2023 7:05 PM IST

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