Andhra cops unearth money scheme racket

The Andhra Pradesh CID busted a racket involving a dubious money circulation scheme run by fake religious organisations

Written by Express News Service | Hyderabad | Published:May 4, 2012 3:34 am

The Andhra Pradesh CID on Thursday busted a racket involving a dubious money circulation scheme run by fake religious organisations. They raised over Rs 45 crore from lower income group families by promising them huge returns but defaulted later.

CID officials on Thursday raided and seized cash and jewellery worth Rs 2.10 crore from the office of Bharat Prem Sadan,the main organisation behind the racket,in Vijayawada. They arrested G Prasad,who ran the office,and several money collection agents. The CID also raided other similar organisations and seized a further Rs 16 crore in cash.

“They were…promising gullible,poor people that their money would be doubled over a certain period,” an official said.

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