CID had registered cases under Prevention of Corruption Act with the State Lokayukta Police against two police officers for abetting and aiding the accused in different cases. One of them is Suresh Naidu, who until recently was serving as Deputy Superintendent of Police and Investigating Officer in a case against “Swiss Cash” company. The other officer is B.P. Chandrashekhar, who served as police inspector of Khade Bazaar Police Station until recently.
Mr. Naidu had helped the accused and benefited a site through third-party dealing, which he sold it and made money. As per investigation, the money made by police officials amounted to about Rs. 37 lakh.
In the six cases, the money collected by online companies amounted to about Rs. 11 crore invested by more than 8,000 people.
The modus operandi was that the accused companies refunded promised funds to early birds as a confidence building measure among investors while those who joined the schemes late were duped. Giving details, he said, “Reliance Services”, run by accused Anand Nayakwad and others, had mobilised Rs. 3 crore from 4,500 investors by promising Rs. 18,750 after a year for an investment of only Rs. 1,060.
Similarly,“Jeevan Dhan Marketing” which collected Rs. 3.92 crore from 26,161 investors but refunded only Rs. 92,000. The company had promised to return Rs. 75,000 on a deposit of Rs. 1,500.
Four cases have been registered against promoters of IQuiz Prashant Chudankar and others; two with Khade Bazaar Police and one each with the Market Police and the Shahpur Police.
This company had lured 1,415 investors by promising 25 per cent returns for a minimum investment of Rs. 1,250 and collected Rs. 4.48 crore. It also refunded Rs. 4.33 crore.