4 IIT dropouts among 9 arrested for scam in Hyderabad

Hyderabad (Telangana) [India], Nov 19 (ANI): The Cyberabad Police has arrested nine people including four IIT Kharagpur dropouts in connection with a multi-level marketing scam.
All the accused were arrested by the Economic Offences Wing of Cyberabad police, in the alleged case of multi-level marketing money circulation scheme fraud of Rs 30 crore.
According to Cyberabad Police Commissioner VC Sajjanar, the accused persons started a company by the name Pro Healthy Ways International LLP in Malakpet area of Hyderabad and enrolled around 40,000 distributors in both Telugu states.
"Each distributor for joining they should pay Rs. 4000 and then should lure the unemployed youth and the elderly people too and collected Rs 30 crore from them," the Commissioner added.
The accused held are-- CEO of the said company Mohammed Rizwan, Directors Bhattu Saikonda and Mohd Isaaq, Distributors A Naresh, P Sai Charan, Venu Naik, A7 Y Sathya, B Anil Kumar and K Srinivasulu.
At least Rs 40 lakhs have been seized from the bank accounts of the accused persons.
Police have registered a case and further investigation in the case is underway. (ANI)