Monday, 7 June 2010

Realtor vanishes with investors' money

Yet another multilevel marketing bubble burst at Hyderabad on 05-06-2010 with scores of victims of Sri Viraat multilevel marketing company lodging a complaint with the police against it. A number of victims went to the police and informed them about the huge promises of returns they got from the owners of the Sri Viraat. The owner of the company even promised huge commission if they bring in more members into the scheme, they said
K Srinivasa Reddy started Sri Viraat company and collected money from the public with the promise of giving back huge returns after investing the same in real estate. He promised to repay Rs. 16,800 every month for every Rs. one hundred thousand. He even promised 150 square yards of land at Yadagiri Gutta near Hyderabad.
However, he never returned any money to the investors nor registered any housing plot in their name.
It is estimated that Srinivasa Reddy has collected Rs. 45 crore and now his whereabouts are not known. Interestingly, some of the investors received short messaging service in their mobiles that they would receive their deposits soon. Police is investigating the case.

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