Rajasthan cops uncover 3 frauds worth Rs 500 cr

All three scams had similar modus operandi. According to Jaipur Police Commissioner B L Soni,the companies,through media publicity and word-of-mouth,advertised at least a 300 per cent return on investment in one year. They targeted those trying to make quick money. All three disbursed some money to certain investors periodically to keep others hopes alive. There is no available and legal method to multiply money to the extent these accused claimed, Soni said.

On Monday,police arrested Shivraj Sharma,CEO of Eve Miracle,an MLM company based here. The police claimed that in just two years,Eve Miracle had 1.19 lakh investors who had in all invested a little more than Rs 100 crore. Most investors were from Rajasthan and Madhya Pradesh and the buy-in price was Rs 5,000 to Rs 20,000. The CEO had disbursed around Rs 80 crore and was planning to flee with the rest, a senior police official said.

The arrest of two directors of Goldsukh shed light on such schemes. According to Soni,The company was started in 2008 and claimed to give back six times the invested amount in 18 months. So far we have found that it collected Rs 203 crore from 1.18 lakh investors. Senior police officials said Goldsukh employees approached them three days after suspecting eight top directors of the company had fled the country. They are currently in Thailand even as the police have informed Interpol.