Inventiva reviews about the financial uproar which was busted by the cyber head in Telangana… The racket was being run by a Noida based firm eBIZ which was involved in money dissemination.
A financial racket run by a Noida-based money circulation firm eBIZ.com has been busted on Tuesday by the Cyber bad Economic Offences Wing in Telangana. After the news gained access the father and the son duo was taken into custody and the Noida based office was sealed within no time. Not only has this evened the bank accounts of the firm having worth Rs.398 Crore deposits were also ceased after the instance.
Pawan Malhan and his son Hitik Malhan have been arrested in the alleged proposition of be-fooling about 17 lakh people and playing around the fraudulent of about 5000 crore rupees by allegedly circulating money schemes.
The company was established in 2001 under the registry of companies act in New Delhi. “The Company has got around 17 lakhs representatives as its members and the amount of cheating to the tune of more than Rs. 5,000 Crore has been now predisposed to them.
The company was mainly found to target the youth in the fraudulent schemes. It was being ascertained that they used to seek the unemployed youth with initial membership amount of Rs. 16,821 as having fetched the password and the login details of the members they used to access the website. This chain of false inception was run across different states such as Delhi, Uttar Pradesh, Karnataka, Bangalore, Jammu and Kashmir, Tamil Nadu and even Goa.
The police had filed a case against these treacherous on complaint of a 19 year old student Mohammed Sharooq which also brought into light various other cases which were filed against them across various headings.
In the early march itself Hitik was being taken into police custody but was released soon because of the anticipatory bail. The police also have accused him of not responding to the notice being served to him with respect to the case
The Hyderabad police have played a significant role in this regard. The father and the son duo was charge under three major sections – section 406, 420 and 506 of the Indian penal code under the act of money circulation scheme act of 1978.
Coming reports from the police quoted that the suspects used to targeted mainly the unemployed youth, students , women’s and retired personnel’s making them lure under the scheme of making easy money. After the interested candidate use d to pool in the money, the company used to provide them various e schemes and were also provided enrollment in various E- learning portals.
It was more of an inverted pyramid representation scheme of fraudulent in which the representative enrolled more members down the line to widespread the accessible networking. This was made to get inflow in the company in the form of monetary value. Not only were these the candidates attracted as of the high commission which was being paid to them in order to get new enrollments.
The company was headed with the caption line of “vision to reality “which indeed now when has smashed lead to various questions as to what these counterfeited actually had vision for??
The dishonest people were befooling the innocent people in the name of availing part time jobs the scheme which were being rendered by them were just a disguise as a part of money circulation scheme.
Time and again police has been found to appeal the public about not to fall prey to such money circulation schemes which are being promoted under different names which mainly is found targeting women, retired persons, students and unemployed youth. The products are just a camouflage but the real motive is operating Money Circulation Schemes which are banned in India.