Tuesday, August 22, 2017

Jeeo India Online investment fraud, Kalambolli

17 persons running MLM business held for fraud


Thane, Aug 20 (PTI) The crime branch of Navi Mumbai Police has claimed to have busted a multi-level marketing (MLM) online business racket and arrested 17 persons.
According to the Navi Mumbai police, the accused ran the scheme under the name of JeeoIndia and assured clients of high returns within few days of investment.
As many as 17 persons, including a key promoter, Sudhir Patil, have been arrested during a raid conducted by police at a hotel in Kalamboli in Navi Mumbai on August 18 while the firm was having a function, Navi Mumbai Police Commissioner, Hemant Nagrale said in a release today.
Prima facie, it was found that the organisers lured investors by promising returns as high as 1 per cent per day on their investments.
The promoters also marketed the multi-level marketing scheme to generate more response by giving commission to the agents, the release said.
An offence has been lodged under IPC sections 420 (cheating), 406 (criminal breach of trust), rw 34 (common intention).
The accused have been also booked under relevant sections of Prize Cheats and Money Circulation (Banning) Act, Information Technology Act, and Maharashtra Protection of Interests of Depositors Act.
Further investigation is being carried out by the Economic Offences Wing of Navi Mumbai Police. PTI COR ARS

Police raid seminar in Kalamboli hotel, bust Ponzi scam; 17 arrested

Multi-level marketing scheme promising 1% return per day already has nearly 1,000 investors: police

Mumbai: A multi-level marketing (MLM) scam has been unearthed in Navi Mumbai with the arrest of 17 people on Saturday during a raid on a hotel in Kalamboli. The scam comes close on the heels of the One Coin racket, and points to Navi Mumbai being a preferred city for racketeers.

Police said the racket, operating under the name JeeoIndia, is suspected to have lured close to 1,000 people into investing amounts ranging from ₹10,000 to ₹26 lakh. They added the raid had been carried out based on a tip-off by the Navi Mumbai Police Crime Branch on a seminar organised by the accused.

The raid was conducted by all three Crime Branch units and the Central Unit, led by DCP (Crime Branch) Tushar Doshi and the ACP (Crime Branch). Before conducting the raid, police had made a sketch of the hotel and noted the location of the seminar hall and the number of doors. First, all hall doors were sealed. Then, police announced the raid over the PA system when the seminar ended.

Navi Mumbai Commissioner of Police Hemant Nagrale said, “In the raid, 17 accused including one of the main promoters, Sudhir Patil, have been arrested. The promotional material of the scheme including two laptops have been seized in the raid. Prima facie it is revealed that the organisers lured investors by promising returns as high as 1% per day on their investment. The promoters also marketed the MLM scheme to generate more response by offering commission to the agents. We would like to appeal to public to not invest in such ponzi schemes and also come forward and contact the police if anyone has been cheated by this scheme.”

Police said the accused have been arrested under IPC sections 420, 406 ,34 along with relevant sections of the Prize Chits and Money Circulation (Banning) Act, Information Technology Act and Maharashtra Protection Of Interests Of Depositors Act. The FIR has been registered at Kalamboli police station, and the Navi Mumbai Police Economic Offences Wing (Unit II) is investigating.

Multi-level con job

Around 150 people were in attendance at the seminar raided by the police on Saturday, among whom around 60 had already invested in the scheme. DCP (Crime Branch) Tushar Doshi said the accused have held six seminars since March in Kalamboli. “There could be 1,000 to 1,200 investors in this scheme, but we need to verify this. It’s too early to get a complete picture of the number of people and bank accounts involved. The person who organised the seminar, Sudhir Patil, has been arrested. Another arrested accused, Sudhir Mohite, is a motivational speaker and was exhorting people to join the scheme at the seminar.”

Explaining the scam, Mr. Doshi said when an individual shows interest in the scheme, he is given ‘packages’ starting at ₹10,000 and without upper limits. The investor has to pay 20% of the package value upfront in cash. Later, he said, the investor is given a login name and password to access the website used for the scam. “On the website, they get details of the amount to be deposited and the relevant account details. When a new person joins the scheme, a part of the money invested by him or her is given as ‘returns’ to the previous investor, and the chain goes on. The investors don’t realise that they are victims, as they continue to believe they’ll get returns. In such cases, the fraud does not come to light till the scheme collapses. Our action will prevent any further investment in this scheme.

A Crime Branch officer said some investors had started getting returns, as in such schemes it’s necessary for the conmen to do so in the beginning to win people’s trust. The website is down since the raid, he added.

“We have received police custody of all accused till August 23, and more details of the ponzi scheme will be uncovered in the course of investigations,” Mr. Doshi said.


As many as 17 persons running MLM business held for fraud in Navi Mumbai

As many as 17 persons, including a key promoter, Sudhir Patil, have been arrested during a raid conducted by police at a hotel in Kalamboli in Navi Mumbai on August 18 while the firm was having a function, Navi Mumbai Police Commissioner, Hemant Nagrale said in a release.

The crime branch of Navi Mumbai Police has claimed to have busted a multi-level marketing (MLM) online business racket and arrested 17 persons. According to the Navi Mumbai police, the accused ran the scheme under the name of ‘JeeoIndia’ and assured clients of high returns within few days of investment.
As many as 17 persons, including a key promoter, Sudhir Patil, have been arrested during a raid conducted by police at a hotel in Kalamboli in Navi Mumbai on August 18 while the firm was having a function, Navi Mumbai Police Commissioner, Hemant Nagrale said in a release.
Prima facie, it was found that the organisers lured investors by promising returns as high as 1 per cent per day on their investments. The promoters also marketed the multi-level marketing scheme to generate more response by giving commission to the agents, the release said.
An offence has been lodged under IPC sections 420 (cheating), 406 (criminal breach of trust), rw 34 (common intention). The accused have been also booked under relevant sections of Prize Cheats and Money Circulation (Banning) Act, Information Technology Act, and Maharashtra Protection of Interests of Depositors Act.
Further investigation is being carried out by the Economic Offences Wing of Navi Mumbai Police.

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