Fake trading company busted, owner absconding

Around 200 employees of the state prison department had invested approximately Rs 2 crores in the business. The money was paid from by staff to the officials in the jails of Adilabad, Khammam, Mahbubnagar, and Hyderabad.

Hyderabad: 'Invest Rs 1 lakh and you will receive Rs 4 crores in 240 days,' said Mukhti Raj, prime accused in a fraud case. Raj heads a fake organisation by the name Malti Jet Trading and duped around 9000 people of lakhs of Rupees on the pretext of trading it in Mumbai and returning the amount with interest. The fraud came to notice with the investigation conducted by ETV Bharat on November 11.

The fake investment-cum-trading company was being run in Habsiguda. Around 200 employees of the state prison department had invested approximately Rs 2 crores in the business. The money was paid by the staff officials in the jails of Adilabad, Khammam, Mahbubnagar, and Hyderabad.

The owner used to ask people to create a chain of contacts and with the addition of every member, an additional commission of Rs 700 would be offered. It is when people went to withdraw their money and found the office closed that they grew suspicious. A case was then filed with the CCS police in Nampally.