The other day, Vijayawada city police chanced upon busting a racket during their routine check of hotels in the city when they noticed some persons staying in a city hotel have undertaken some mysterious activity. The station house officer who has been approached by the Corporate Frauds Watch and was detailed of various types of multilevel marketing rackets, got suspicious when he noticed some brochures with them. As a preventive measure, he took the five persons into custody and seized the material.
He immediately contacted Corporate Frauds Watch for more information. After browsing through Internet, it was found out that the accused persons belong to Free India Gold, a fraudulent company collecting money ranging from Rs. 10 to Rs 100,000 on the promise of huge returns within a short span. They are also offering attractive commission if they introduce or refer more members into the scheme. Downloading the information, Corporate Frauds Watch gave all information to the police and immediately, the police arrested the persons on 16-08-2011and sent them to judicial custody.
Free India Gold.com is a fraudulent company offering short of heaven to its customers. The company is offering a plot of land like AgriGold, PACL and other crooks to the members though it does not own any land anywhere. Surprisingly, the website does not have the details of office-bearers but it has only the address of the corporate office at Hyderabad. However, the modus operandi and the huge returns are prominently written all over the website.
Now some of them are cooling their heels in the Vijayawada District Jail and the police are on the look out for the kingpin, one Srinivas, who is already accused in some other scams.
This could be described as the clone of AgriGold which has been continually cheating people even today. It is high time the police initiated action against the companies like PACL, AgriGold, Akshaya Gold and Abhaya Gold as early as possible.