Women major target of ponzi fraudsters: Cyberabad top cop

Cyberabad police commissioner V.C. Sajjanar has cautioned public against falling in the trap of people who lure them with offers of high returns for investing in ponzi schemes and multi-level marketing. He said several crooks target unsuspecting people through media and invite them to star hotels on the pretext of settling the deals.

The appeal from has come after a large number of victims approached the Cyberabad police after being cheated of over `40 lakh by a company named Harad Powder. The public should suspect of foul play when strangers offer

The appeal from has come after a large number of victims approached the Cyberabad police after being cheated of over `40 lakh by a company named Harad Powder.

high profits from bizarre schemes and alert the police, Mr Sajjanar said.

“The fraudsters persuade the people to invest huge amounts by offering offer unbelievable and unreasonable profits in various forms and then disappear with the money. There are several companies operating in the state that offer multi-level marketing schemes or a ponzi schemes. Many such companies have already been shut down and are facing criminal charges,” said Mr Sajjanar.

A ponzi scheme is where the purported businessman lures investors with high-returns and pay profits initially, but disappears after collecting huge amounts.

“Such companies organise meetings at hotels and brainwash people to join their schemes. They present success stories in front of the people and parade persons who claim to have made huge profits. These stories ultimately turn out to be fake. Women are their major targets. The public is advised to not fall prey to such schemes,” said the commissioner.