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Hyderabad: Man held for involvement in MLM scam worth Rs 1000 crore

ANI  |  General News 

on Tuesday busted a fraudulent MLM money scheme and arrested one person for being involved in the over Rs 1000 crore scam.

31-year-old was arrested on Tuesday for being involved in an Rs.1000 crore scam, police said. His company's office in Noida has been sealed and his of around Rs 70.5 crore has been frozen, police added.

VC Sajjanar, of police said, "This is a case of cheating and money circulation by A case has been registered in against this company on the complaint of Samalla Vivek. There have been two cases against this company at Warangal and Adilabad, which are under investigation. It is reliably learnt that cases against this company have been registered all over the country."

Hitik Malhan is the son of Pawan Malhan, the Managing and Anitha Malhan, the of

The office of eBiz in Noida has been sealed and Rs 70.5 crores in the of the accused have been frozen.

Other accused are being traced and will be arrested soon, police said.

A case under relevant sections has been registered and further investigation in the matter is underway.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 13 2019. 08:07 IST