Express News Service
KASARAGOD: Kasaragod police stumbled on a Rs 500-crore pyramid scheme that duped thousands of investors while they were investigating an abduction case.
Police arrested Mohammed Javed (28), a native of Udyawar in Manjeshwar, believed to be an early investor in the illegal money circulation scheme. He made Rs 1.08 crore but around 4,300 persons who were added to the network by him lost around Rs 47 crore, said Kasaragod DySP PP Sadanandan, an expert in financial fraud.
Police suspect that the fraudulent scheme has spread its tentacles in Kerala, Karnataka, the UAE, and Thailand. Sadanandan said that the alleged fraud was perpetrated by a company called My Club Trades or MCT, which its website says has an office in Bangkok.
Highlights
These schemes are evergreen.
Great option for those who want to earn big through traditional investment.
New Delhi: As we are soon entering 2021, you will have several plans on investment and savings. If you chose your options wisely, you are surely going to reap long term benefits.
Those with long term goals and believer of investments in traditional instruments have many lucrative government schemes to choose from. One such traditional investment option is Post office savings schemes.
These schemes are evergreen and a great option for those for those who want to earn big in the traditional investment ways. Since the Post office scheme are government backed, they are beneficial to those investors who have zero risk appetite but want guaranteed return on their investment.