50 multilevel marketing firms are under economic offences wing probe
Mateen Hafeez, TNN Nov 14, 2012, 02.16AM IST
The
economic offences wing (EOW) is at present investigating at least 50
multilevel marketing (MLM) companies, suspected to have duped investors
of over Rs 2,500 crore. A specialized unit to handle these cases was
formed in the EOW after the police began its probe in the Rs 2,276-crore
SpeakAsia case.
Besides SpeakAsia, the firms under probe include
Aryarup Travel, City Limouzine, Red Carpet, Admatrix, Seven Rings
International, Symbiosis Investment, Aim Limousine, Yes Cube
Infrastructure Ltd, Aurum Realty, Raj Investment and VeriSign
Infrastructure.
Police officers say the unit should have been formed much earlier, but
was delayed due to a shortage of manpower. "We have inducted experienced
officers to deal with MLM fraud. These officers were made to attend a
training seminar before the unit was formally started," said a senior
police officer. "Lakhs of people invest in fraudulent schemes run by MLM
agents. We have cases where victims sold autorickshaws, gold jewellery
meant for, say, a daughter's wedding, and land to invest in MLM schemes
that promised them the heavens. In all cases, without fail, the
companies downed their shutters and fled with investors' money."
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