- Accused Manish used to make the housewives claim to use the loan money in schemes by getting their jewelery mortgaged.
- Investigation revealed that he has siphoned off about Rs 2 crore from people by trapping 39 investors in such schemes.
- After complaints, Manish did not join the police investigation and fled with around Rs 2 crore.
New Delhi: The Economic Offenses Wing (EOW) of Delhi Police has arrested Manish Kumar Singh, an accused in the scam named Multi Level Marketing Ponzi Scheme. The accused, Manish, used to claim to channelize the loan money into schemes by getting the housewives to mortgage their jewelery and also acted as an agent for fake marketing companies. So far, by trapping about 39 investors in the trap of such schemes, it has cheated about Rs 2 crore from the people.
According to Chhaya Sharma, Joint Commissioner of EOW, Economic Offenses Wing, a resident of Delhi, Promila Jain, complained that a man named Manish Singh got him to invest in multi-level marketing schemes by luring him to pay good interest for the month. Neither the accused paid interest nor returned the money. Meanwhile, complaints from some more victims started pouring in. The investigation revealed that the accused had cheated many such housewives of Rohini area by trapping them with these schemes and he did not even have any permission from any institution to run such schemes.
After complaints, Manish shifted his house from Rohini area and fled with around Rs 2 crore without joining the police investigation. After investigation, EOW started investigation by registering FIR on the basis of several complaints under Section 420,406,120B of IPC. According to Chhaya Sharma, Joint Commissioner of Economic Offenses Wing, the accused used to collect money in the name of Social Trade Web Work, EPC Wallet, Orange Group and Sampark Food Bazaar, Click o Click in the name of giving good interest to the housewives while most of these companies were closed. It’s over.
Manish, along with his colleagues, used to arrange kitty parties for the women and by getting the pamphlets printed in a professional manner, he used to get the women to invest money by luring them with good returns interest.
How did the fraud start?
Initially, Manish, along with his colleagues, used to run a committee in Rohini area and also return the money, but after some time he stopped the work of the committee and started targeting the women of the area and got them to invest money by showing dreams of giving good returns. He would find out about the savings of women and then lure them. This is the reason why many women have not even filed a complaint with the police for fear of their family. The accused was taking advantage of this fear.
How the accused was arrested
The accused was living hiding in some other area by locking Rohini’s house but one day a courier company refused to deliver his packet to another address and the accused came to collect the packet at the old address. After this he was caught with the help of the delivery company.
The accused is a resident of Bihar
Manish hails from Siwan area of Bihar and came to Delhi in 1996 with the dream of cracking Civil Services. However, even after trying 3-4 times, he could not pass the exam and started giving coaching. After failing in coaching, he started multi level marketing work by associating himself with Amway company and then it formed its own networking group. After this, the accused worked in an MLM company to sell products of Himalaya, Life Care.
In 2016, Manish along with other accused started his own multi level marketing work in the name of MLM and Vaibhav Foods, Aina Pvt Ltd and started targeting especially housewives and lured them to invest money. Accused Manish would also lure people to invest money in bitcoin’s work and by targeting women by pretending to be a motivational speaker, using his communication skills, he was cheating women by investing their money in these schemes.
Joint Commissioner Chhaya Sharma’s appeal to the general public is not to invest money in this type of multilevel marketing by greed and check such companies whether it is authorized by RBI or SEBI or else your hard earned money may be wasted.