Cyberabad Cops bust Rs 1,000-crore fraud, 1 held
Posted On : Thursday, March 14, 2019, 7:36 PM
Continuing its crackdown on fraudulent money circulation schemes, the Cyberabad Police on Tuesday busted a scam pulled off by three of a family that cheated over 7 lakh people across the country of nearly Rs 1,000 crore. Police arrested Hitik Malhan, 31, one of the founders of eBiz Private Limited operating out of Noida, and froze Rs 70 crore of the firm’s bank deposits. The venture collected money from customers in exchange for e-learning courses and promised them returns if they admitted new members to the scheme. The racket came to light in the city after degree student S Vivek filed a complaint with the police.