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Anither MLM scheme bust in Hyderabad

Anither MLM scheme bust in Hyderabad

Anither MLM scheme bust in Hyderabad
September 11
10:52 2019

Cyberabad police bust another MLM scheme operating in 16 states with Hyderabad A’s base on model of its Visakhapatnam Qnet scam which swindled ₹200 crore from gullible investors. Police arrested the Baki Srinivas Reddy, MD of Fraudulent MLM company “SERFA” Marketing Pvt. Ltd in Cr. No. 529/2019 U/s 406, 420, IPC & Sec, 4,5,6 r/w 3, 2(C) of Prize Chits and Money Circulation Schemes (Banning) Act 1978 of PS Kukatpally . Its Managing Director is Baki Srinivas Reddy hails from Thanem (v) Pomduru (Mndl) Srikakulam. After hencompleted B.Sc Computers in 2012 in Vizag. Her shifted to Hyderabad and joined in Qnet and invested Rs. 13 lakhs. Later he lost Rs. 13 lakhs in QNet Scheme.

Subsequently in the year 2018 he started his own business Multi Level Marketing (MLM) similar like QNet in Vizag by the name of SERFA Marketing Pvt. Ltd with around 5000 representativesas its members.They targeting students, Home Makers and un-employed youth stating that there is a business opportunity project which will yield huge profits to them. cyberbad po;iceThe scheme is rampant inthe 2 Union territories (Lakshadweep and Andaman & nicobar islands) and also in 16 states., Telangana (3267), Andhrapradesh (1449), Karnataka (51), and the remaining states of Orissa, Maharashtra, Jharkhand, Bihar, Chhattisgarh, Delhi, kerala, Madhyapradesh, Manipur, Nagaland, Tamilnadu, Uttar Pradesh, West Bengal.

 

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