A multi-level marketing firm named Future Maker Life Care Global Marketing Pvt. Ltd (FMLC) has been accused of duping over 20 lakh investors across the country under the ploy of quick returns on investments. The company has looted over Rs 1,200 crore from its customers.
Two representers of Future Maker including CMD Radhe Shyam and national distributor Surender Singh, 35, were arrested at Hisar in Haryana while its managing director Bansi Lal is at large.
The business of Future is spread across the country, operates online, both for payments and introducing new members. The company was collecting Rs 7,500 from each customer, who has to introduce two more customers. In the exchange of money, the customer was eligible to purchase Rs 5,000 worth of products. The company also claimed to pay Rs 2,500 every month for two years. Payments were accepted online into the 6 accounts operated in different banks. It is found that around Rs 75 crores were deposited in the accounts on Friday alone.
Three months ago, they launched their operations even Hyderabad and trapped more than 20,000 customers in the Telugu states and had collected huge amounts from them.
The scam came to knowledge after a private employee lodged a complaint a week ago. He found the claims misleading after he had visited the company’s website and attended one of its seminars at a city hotel, approached them to invest based on an advertisement. Cyberabad police started collecting evidences and decided to arrest chairman Radheshyam and distributor Surender Singh. Police revealed that Radheshyam is a class VII drop-out, while Surender Singh is a graduate.
Future Maker was started three years ago and got registered with the Registrar of Companies (ROC) also. The business initially started operations in Haryana and very soon spread to all north Indian states.
“We will write to the Reserve Bank of India on how the banks failed to identify the scam at an early stage.” Cyberabad Police said.
This content was originally published here.