Yet another cheating company in the name of computer education has cheated already thousands of people indulging money circulation scheme in the multilevel marketing.
Bangalore-based Surya Micro Technologies with N H Raju at the helm of affairs has cheated the gullible up to several crores all over south India. According to information available, the fraudulent company has cheated the people of Karnataka and Kerala. It is not sure how many victims are in Andhra Pradesh and Tamil Nadu. This is also an open money circulation scheme in the name of service while Amway and others indulge in the same crime in the name of product sales.
The modus operandi of this computer education conman is same that of MyVideoTalk. After becoming a member, he/she has to enroll ten members and in turn these ten members have to join ten more members each. The initial payment at the time of joining is Rs. 1250. Thereafter the joined persons have to mobilise unauthorised deposits from the members ranging from Rs. 10,000 to Rs. 50,000 in various denominations. The promoters and members induce the gullible to believe that they would give high rate of interest apart from commissions on the joining of new members in the scheme.
They issue post-dated cheques for the satisfaction of the new entrants.
The whole fraud came to light when some of the cheques got bounced due to lack of sufficient funds in the account. Already several criminal cases were filed against the promoters and upline members. Already several criminal cases were booked against the fraudulent company. However, the police have yet to take action against the promoters who are on enrolling spree.
Corporate Frauds Watch is once again alerting the public not to fall prey to such crooks who offer high rate of interest on the unauthorised deposits. These type of schemes are liable for punishment under The Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and Reserve Bank of India Act, 1934. Public are hereby alerted to be very cautious against such schemes and do not get enrolled and enroll others into scheme.