Twenty-four persons, including three government school teachers from Telangana, who duped more than 10 lakh people to the tune of ₹1,500 crore in money circulation scheme were arrested by Cyberabad Commissionerate’s Economic Offences Wing here on Saturday.
Commissioner of Police V.C. Sajjanar said that the accused were running a money circulation scheme by the name of INDUS VIVA (Indus viva Health Sciences Pvt. Ltd.) of Bengaluru. Police have frozen ₹20 crore in various bank accounts.
Based on the complainant lodged by a victim, Gachibowli police registered a case against the firm on February 20 and launched a probe.
The victim told police that he was cheated by the company inducing to promote the company products offering attractive income and introduced about four to five products like Coffee, Juice etc.
He got attracted to the schemes and invested ₹12,500 in Indus Viva company through his promoters Hari Prasad and Rajabanoth. “After investment, the complainant didn’t receive any commission on his investment as promised by promoters. Later he realised that he was cheated and approached police,” Mr. Sajjanar said.
He said that the scheme of the company is to earn money by enrolling members in Indus Viva Plan and Compensation Plan.
To become a member, one has to pay ₹12,500 and buy their products then they will get 100 point value. Then he/she would be issued a user ID and password for continuing the scheme. More than one lakh people were duped from Telangana.
“Thus, the member has to enroll/join others in down line to him by joining one person to the left and one person to the right by paying ₹12,500 each then he would earn ₹1,000 as a bonus. In order to get these benefits the member (who already joined the company scheme/business) has to enroll two other members in the scheme and within a week he can get ₹1,000 as an additional bonus. Thus, the member has to enroll more members to earn money,” the Commissioner said.
The accused company also offers a President Club Member (PCM), which attracts a lot of people.
“One can join PCM by paying ₹1.5 lakh and the company would provide 50 products besides giving the products worth ₹25,000 free. The organisers say that a person who joins PCM could get an opportunity to dine with the CEO of the company in Bengaluru,” the officer said.
He said that the company has its own production unit called Olive Life Sciences at Neelamangala, Bengaluru and these are health, beauty, and dietary products, which do not have any approval by any government agency.