Hyderabad – ‘CEO’ Arrested For Multi Level Marketing Fraud

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The Economic Offences Wing (EOW) of Cyberabad Commissionerate arrested Methuku Ravinder, a government teacher, for multi level marketing fraud, on Friday, Hyderabad.

M. Ravinder, who pretended to be the Chief Executive Officer (CEO) of the Sun Pariwar Group of Companies, allegedly used to attract customers with some schemes and ask them to deposit a certain sum of money to get a good amount of returns.

In order to be a part of the scheme, customers were asked to invest Rs. 1 lakh and in return, Ravinder’s company would pay Rs. 5 lakhs to the customers over a tenure of 25 months and the principal amount of Rs. 1 lakh in the 26th month.

V.C. Sajjanar, the Commissioner of Cyberabad, said, “The accused offered the public to join in any of the companies by depositing Rs. 1 lakh, for which the investor would be paid Rs 5 lakh for 25 months, and also the principal of Rs. 1 lakh on the 26th month. The company offered a commission for the marketing agents for finishing a target of getting Rs 5 lakh as investment. Although Ravinder was running different companies, he followed the same scheme for all the companies.”

The case came to light after D. Durgadas, a resident of Shameerpet, filed a complaint against Ravinder.

The police seized Ravinder’s belongings and froze a total of Rs. 14 crores in the Company’s various bank accounts. Ravinder cheated approximately 1,500 people and collected a sum of Rs. 150 crores as investments.

Ravinder was a teacher at a government primary school in Revalli, Siddipet. In January, he took leave from his teacher’s job to join the multi level marketing business.

Companies such as Sun Mutually Aided Thrift and Credit Co Operative Society Limited, Methuku Chit Fund Limited, Methuku Ventures Limited, Methuku Herbal Limited and Met Sun Nidhi Limited were tricked and cheated by Ravinder.

The police charged Ravinder under Section 420 (fraud and cheating) of the Indian Penal Code (IPC.) He was remanded in judicial custody after being presented in a court.

The police launched an investigation to figure out if Ravinder was alone or had any accomplices. The investigation is underway.

Stay tuned for more updates about the story.


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