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Fraudulent buy-back scheme cheats 3,600 investors of Rs 300 crore

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Fraudulent buy-back scheme cheats 3,600 investors of Rs 300 crore

 A massive fraud involving a fake buy-back policy and investment schemes

 A massive fraud involving a fake buy-back policy and investment schemes has come to light in the Cyberabad Commissionerate, with 3,600 victims losing Rs 300 crore. The Economic and Vigilance Wing (EVW) police arrested the main accused, Pawan Kumar, along with seven associates, for orchestrating the scam under the guise of Wealth Capital Service Pvt Ltd.
 
Pawan Kumar launched a fraudulent Buy-Back Open PlotsScheme, promising substantial returns to investors. As part of the scheme, he offered customers plots of land worth Rs 8 lakh, claiming to deliver a 4 per centmonthly profit for 25 months. While initial payouts were made to build trust, payments eventually stopped, leaving investors in distress.
 
Additionally, Pawan Kumar duped people through the Double Gold Scheme and Gold Chits Scheme, collecting lakhs in deposits. Realizing they had been cheated, the victims filed complaints with the EVW police, leading to the arrests. Investigations are ongoing to uncover further details and track the misappropriated funds. Ends.//
 
 
 
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Fraudulent buy-back scheme cheats 3,600 investors of Rs 300 crore

Fraudulent buy-back scheme cheats 3,600 investors of Rs 300 crore

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