BENGALURU: In what's suspected to be a multi-crore ponzi rip-off spread across the nation, an e-commerce firm has been accused of cheating of several folks of crores of rupees after promising them huge returns and is being investigated by the Central Crime Branch (CCB) of town police.
Chandrashekar Gupta Gala, director of e-commerce company Easy Pay Cash (EPC) is the high accused in the case.
Nadeem Shariff, some of the sufferers, said: “Chandrashekar started the company in June 2017 and arrange his place of job in HSR Layout. Posing himself because the networking business head, he lured folks with horny provides to put money into his company.”
Chandrashekar allegedly sought investments initially in three slabs of Rs 9,000, Rs 27,000 and Rs 81,000 which, he promised, would fetch the buyers returns of Rs 100, Rs 300 and Rs 1,000, respectively, over subsequent 200 days. The returns have been to incorporate the principle funding too. Primary buyers roping in more buyers have been promised extra returns in the vary of Rs 15 to Rs 500 consistent with day for the 200-day cycle. The investments and returns might be made each in cash or through financial institution accounts.
The scheme was promoted aggressively on WhatsApp and YouTube for a very long time, resources said. According to any other investor, Vinod Naik, the firm claimed to invest in crypto-currencies.
Nadeem, former IT employee and now a virtual printing entrepreneur, said he invested Rs 6 lakh, whilst investments by his pals and family members ran up to Rs 4 crore. He said buyers relied on Chandrashekar though a lot of them knew that crypto-currencies are banned in India. He claimed that two lakh folks had invested in the firm, whilst police are but to confirm it.
Vinod Naik, a civil engineer and a Nagarbhavi resident, said he invested Rs 63,000 on assurance that he'll get Rs 930 every day.
Chandrashekar Gupta Gala, director of e-commerce company Easy Pay Cash (EPC) is the high accused in the case.
Nadeem Shariff, some of the sufferers, said: “Chandrashekar started the company in June 2017 and arrange his place of job in HSR Layout. Posing himself because the networking business head, he lured folks with horny provides to put money into his company.”
Chandrashekar allegedly sought investments initially in three slabs of Rs 9,000, Rs 27,000 and Rs 81,000 which, he promised, would fetch the buyers returns of Rs 100, Rs 300 and Rs 1,000, respectively, over subsequent 200 days. The returns have been to incorporate the principle funding too. Primary buyers roping in more buyers have been promised extra returns in the vary of Rs 15 to Rs 500 consistent with day for the 200-day cycle. The investments and returns might be made each in cash or through financial institution accounts.
The scheme was promoted aggressively on WhatsApp and YouTube for a very long time, resources said. According to any other investor, Vinod Naik, the firm claimed to invest in crypto-currencies.
Nadeem, former IT employee and now a virtual printing entrepreneur, said he invested Rs 6 lakh, whilst investments by his pals and family members ran up to Rs 4 crore. He said buyers relied on Chandrashekar though a lot of them knew that crypto-currencies are banned in India. He claimed that two lakh folks had invested in the firm, whilst police are but to confirm it.
Vinod Naik, a civil engineer and a Nagarbhavi resident, said he invested Rs 63,000 on assurance that he'll get Rs 930 every day.
Ponzi firm cheats investors of crores of rupees
![Ponzi firm cheats investors of crores of rupees]()
Reviewed by Kailash
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June 08, 2018
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