MBA drop-out dupes 500 people of Rs 1.6 crore, held

EOW officers said Naushad Shemale was running a recruitment agency called the Success Jobs - Marine and Multi Services in Belapur.

Mumbai | Updated: March 4, 2014 2:09 am
eow-480 The Economic Offences Wing (EOW) of the Mumbai police crime branch is investigating a scheme allegedly cooked up by an MBA dropout. (Indian Express)

EOW officers identified the suspect as Naushad Shemale (32), a resident of Wadala, who was running a recruitment agency called the Success Jobs – Marine and Multi Services in Belapur. “Shemale was doing an MBA course in an institute in London, but dropped out after completing his first year in 2012. He then started his recruitment agency in Belapur and shortly floated the scheme, wherein people would get one tola of gold and Rs 1,500 a month in exchange for a one-time payment of Rs 33,500.

He also offered a more affordable scheme where one could get Rs 1,500 in exchange for a payment of Rs 3,500,” said an EOW officer. Shemale allegedly employed three agents to publicise his scheme and they started getting their relatives and friends to meet him. All of the investors chose the less expensive scheme and paid him Rs 3,500.

After paying some of them Rs 1,500 a month, he stopped sending the money. However, the investors kept coming and Shemale kept accepting their money, making Rs 1.67 crore over the past two years. In February this year, some of the investors approached the EOW and the agency conducted a preliminary inquiry, after which a complaint was registered. Shemale was arrested on February 13 and is in judicial custody.

“We are making enquiries about the three agents to determine the extent of their role in the crime,” the officer added.

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  1. O
    Om Gupta
    Mar 5, 2014 at 7:40 am
    Very bad education should be used constructively not destructively. Good colleges teach values too. Find some very good MBA colleges across Gujarat from www.bestbusinessschool
    Reply
  2. S
    sawhney
    May 1, 2014 at 5:40 am
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