HYDERABAD: Enforcement Directorate (ED) probe has unravelled the money trail in a 110 crore commodities trading scam in the city.
Multyjet Trade Private Limited and Real Life Infra & Developers reportedly collected funds from the public by luring them with a promise of high returns under the guise of commodity trading. Key accused Tekula Mukthiraj and others allegedly misled the public into believing they were in commodity trading business, claiming they could make 10-15% returns per day, enabling them to pay 3% returns per day to investors.
ED probe had found that the sole intention behind the plan was to cheat investors by first gaining their trust and adding more customers. They paid returns to early investors using money collected from new investors, as in a typical ponzi scheme. ED investigations revealed that as soon as it was discovered that a complaint was filed against the company and representatives, MTPL funds were diverted into 10 accounts of related entities and individuals.
ED’s analysis of an Axis Bank account of Multyjet Trade Private Limited revealed credits to the tune of 96 crore between Aug 2022 and Nov 2022, which were funds invested by the general public in the fake investment plan.
Earlier, Hyderabad Central Crime Station had registered an FIR in Nov 2022 based on a complaint filed by one K Bhargav against Multyjet Trade and its promoters for cheating. Bhargav had reportedly invested 1.9 crore in the company and later realised it was a fraud.
Similarly, another case was registered at the Medipally police station based on the complaint of D Srinivas Reddy and other investors for defrauding them to the tune of 28 lakh. Medipally police had filed a chargesheet in the case. Nalgonda police also registered an FIR in Jan 2023 against the accused for duping S Ram Kumar, who invested 26 lakh.
ED took up the probe under the Prevention of Money Laundering Act and attached 11 movable assets of the accused in March 2023, amounting to 18.7 crore.
“In reality, no commodity trading was done, and the money of new investors was used to pay back existing investors. There are total credits to the tune of 14.5 crores in the bank account of another firm. Real Life Infra & Developers is nothing but proceeds collected from the general public. Of the collected investment proceeds, funds to the tune of 4.8 crore were diverted to Radhe Radhe Krishna Infra & Developers, 1 crore to MTPL, and 85 lakh to the personal account of Tekula Mukthiraj,” ED stated.
“It is revealed from the analysis of Axis Bank account of Multyjet Trade that the firm had collected 96 crore from the investors and there is a debit of 84 crore. Thus, an amount to the tune of 110.5 crore was collected in Multyjet Trade Pvt. Ltd and Real Life Infra & Developers from the public, and various payments amounting to 91 crore were made,” it added.
Multyjet Trade Private Limited and Real Life Infra & Developers reportedly collected funds from the public by luring them with a promise of high returns under the guise of commodity trading. Key accused Tekula Mukthiraj and others allegedly misled the public into believing they were in commodity trading business, claiming they could make 10-15% returns per day, enabling them to pay 3% returns per day to investors.
ED probe had found that the sole intention behind the plan was to cheat investors by first gaining their trust and adding more customers. They paid returns to early investors using money collected from new investors, as in a typical ponzi scheme. ED investigations revealed that as soon as it was discovered that a complaint was filed against the company and representatives, MTPL funds were diverted into 10 accounts of related entities and individuals.
ED’s analysis of an Axis Bank account of Multyjet Trade Private Limited revealed credits to the tune of 96 crore between Aug 2022 and Nov 2022, which were funds invested by the general public in the fake investment plan.
Earlier, Hyderabad Central Crime Station had registered an FIR in Nov 2022 based on a complaint filed by one K Bhargav against Multyjet Trade and its promoters for cheating. Bhargav had reportedly invested 1.9 crore in the company and later realised it was a fraud.
Similarly, another case was registered at the Medipally police station based on the complaint of D Srinivas Reddy and other investors for defrauding them to the tune of 28 lakh. Medipally police had filed a chargesheet in the case. Nalgonda police also registered an FIR in Jan 2023 against the accused for duping S Ram Kumar, who invested 26 lakh.
ED took up the probe under the Prevention of Money Laundering Act and attached 11 movable assets of the accused in March 2023, amounting to 18.7 crore.
“In reality, no commodity trading was done, and the money of new investors was used to pay back existing investors. There are total credits to the tune of 14.5 crores in the bank account of another firm. Real Life Infra & Developers is nothing but proceeds collected from the general public. Of the collected investment proceeds, funds to the tune of 4.8 crore were diverted to Radhe Radhe Krishna Infra & Developers, 1 crore to MTPL, and 85 lakh to the personal account of Tekula Mukthiraj,” ED stated.
“It is revealed from the analysis of Axis Bank account of Multyjet Trade that the firm had collected 96 crore from the investors and there is a debit of 84 crore. Thus, an amount to the tune of 110.5 crore was collected in Multyjet Trade Pvt. Ltd and Real Life Infra & Developers from the public, and various payments amounting to 91 crore were made,” it added.