A fraud Multi-level Marketing scheme in Hyderabad called, eBiz.com Pvt Ltd, is said to have cheated nearly 7 lakhs people mercilessly with more than Rs 1000 crores. This Noida based MLM has been cracked down by the Cyberabad Police yesterday.
The cops said that the company had several cases registered against them nationwide and two cases from Warangal and Adilabad, Telangana.
eBiz.com Pvt Ltd is a popular Noida company, which is a Money Circulation organization. The company's affairs are looked after by the managing director Pavan Malhan, his wife Anitha Malhan and son Hitik Malhan. At first, the promoters will give motivational lessons to the general public, chiefly focusing dependent students and the jobless younger generation.
As per the cops, the company's target is to incorporate fraud business opportunities in youth's minds and convince them with nearly non-existent huge profit dreams. It is like a pyramid where people are added by one another. Also, every newcomer is convinced to pay the amount through someone who referred him/her to the company and they instantly become a representative. And again, three members have to be enrolled by them to get the money.
The cops have arrested one member associated with the company's fraud tactics and case has been registered under cheating sections 406, 420,506 of the IPC.