Uppal police on Tuesday nabbed three persons allegedly connected to multi-level marketing (MLM) company, Green Gold Biotech, on charge of cheating investors.
Police seized property valued over ₹ 5 crore which includes Rs. 21.2 lakh in cash, a vehicle and other items.
The accused who were arrested have been identified as J. Kanthaiah alias Sreekanth, 47, managing director of Green Gold Biotech, Sanku Bhaskar Yadav, 46, manager of the company, and Lanka Priya, 30.
Police said that six other accused in the case are absconding.
Police said that Sreekanth started his company in 2014 but went dormant on account of health reasons till 2017. He then resuscitated the company but allegedly did not take requite permissions from the authorities. The accused promised incentives and commissions to customers who enrol others into the scheme. He then allegedly collected deposits and bought a flat which police value at ₹1 crore, a car, and stocked raw material such as groundnuts and other items in the company godown.
Cases under relevant sections of the IPC and Prize Chits, Money Circulation Schemes Act of 1978, and Telangana Protection of Depositors of Financial Establishment Act of 1999 were booked against the accused.
