Medak police bust Peeshonu money circulation scheme

The Medak police, headed by Mr Siddhaiah, its Deputy Superintendent of Police, busted a money circulation scheme and arrested one P Saidulu, who had already amassed several crores of rupees. They had seized Rs. 2.9 crore from their possession.

The modus operandi of these fraudsters is similar to that of any previous crooks. Peculiarly the accused named the company after a Biblical river Peeshonu. It is thus named propably to showcase that the organisers are very regligious people.

The Peeshonu, which started selling products of various hues soon turned it into an open money circulation scheme. Like Amway, Saidulu also started selling products which is the camouflage for their money circulation scheme. Soon Peeshonu was converted into an open money circulation scheme in which they collected Rs. 1000 with the promise of repaying Rs. 4000 in 20 months. People thronged their office and stood in long queues to pay the amount. It is believed that the organisers of Peeshonu collected several crores of rupees.

Police faced the perennial problem of finding a victim to lodge a criminal complaint with the company. Had the police known that the Prize Chits and Money Circulation Schemes (Banning) Act, 1978, conferred upon them a right to raid such premises even on a mere suspicion, they would have gone proactive well before.

Anyway, better late than never. The police have busted the money circulation scheme and arrested the organisers. They had also seized Rs. 2.9 crore from the possession of Saidulu.

Let us hope Police officials of other areas and all over the country became proactive and acted upon these fraudulent schemes.