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Andhra Pradesh
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Hyderabad
Case booked against multi-level marketing agency
Staff Reporter
HYDERABAD: The Banjara Hills police on Tuesday registered a case against Maha Life, a multi-level marketing agency, which allegedly assured high returns to its members on deposits but failed to pay the money. Owner of the agency Srikanth is absconding, the Banjara Hills police station E. Shankar Reddy said.
Circulation scheme
Srikanth launched a scheme, akin to money circulation scheme, a few months ago asking each member to deposit Rs. 12,860.
He assured the member to give away small quantities of gold and huge money depending on number of new members they get enrolled with the scheme.
He gave some cheques to the 500-odd depositors. Earlier, his office was located in Ameerpet but recently shifted it to Arora Colony of Banjara Hills. As the cheques he presented were dishonoured by the bank and he allegedly began evading the depositors, some of them lodged a complaint with the police on Tuesday.
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