Hyderabad: IIT dropouts among 9 held in MLM fraud case
Nine people, including some IIT dropouts, have been arrested in Hyderabad in connection with a Rs. 30 crore Multi Level Marketing fraud case, police said. The CEO of a company, its two directors, and six others have been arrested and their bank accounts totaling Rs. 40 lakh have been seized, a police release said. The company allegedly sold products, including to gain weight.
Commissions were promised to members for enrolling new members
The scheme involves members enrolling new members, for which commissions were promised. The nine people were charged various sections of the Indian Penal Code and the Prize Chits and Money Circulation Schemes (Banning) Act, 1978, the release said.
