The detective department, Hyderabad police, on Wednesday busted a fraud case involving cheating customers to the tune of Rs 12 crore by organising schemes of multi-level marketing. The central crime police arrested K Surendra Babu, a native of Ponnur in Guntur district who established a company -- Niranthara Amrutha Varshini Marketing Private Limited in Hyderabad.
He attracted people by conducting meetings at his office and lured the gullible customers by offering high returns on various schemes. After paying the monthly benefits to the first batch of customers, he subsequently winded his business without intimating the customers and absconded. The accused is remanded to judicial custody, according to a press release.