Hyderabad: In what is seen as one of the biggest scams in recent times, thousands of people were duped in an off-line/online investment fraud in the city. The Detective Department of Hyderabad police officials stated that a company ‘MultyJet Trade Private Limited’ established an office at Habsiguda in June and cheated unsuspecting investors. The scam investments were made through a phone-app.
The company was established by one Motilal Dulal, who was previously arrested in another multi-crore fraud by the Hyderabad police. After coming out of jail, he established the company at Maheshwarinagar, Habsiguda and lured people with a promise of giving them 2 percent profit daily on their investments. Many fell for his lucrative offer with some even investing up to Rs 1 crore in the trade carried through an online mobile phone application.
“Motilal created a mobile phone based application and gave login IDs and passwords to investors. Each investor had to open a bank account and deposit the money. The amount was to be transferred to the mobile app and at the end of the day withdraw the profits,” said a senior official from the Detective Department Hyderabad.
As the word of the “huge profits” spread, several people joined as members of the company and started heavily investing in the trade. In September and October several thousand people joined the company and profit was paid to all of them initially. However, it was soon followed by the revelation that it was all a scam.
“In first week of November, Motilal locked the office and blocked the withdrawal option in the mobile phone application and escaped,” said the police official. The depositors/investors of ‘MultyJet Trade Private Limited’ went to the office and found it shut. When all of them went to the house of Motilal at Ramnagar, they saw it was locked, said the police.
On Tuesday, victims approached the Hyderabad CCS police which booked a case and started its investigation into the case. The police suspect it is a big scam and thousands of crores could have been swindled away by the company.
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