The accused has been identified as Methuku Ravinder, a Telugu teacher working in an upper primary government school in Siddipet
Hyderabad: The Cyberabad police on Friday arrested a 42-year-old government school teacher, who allegedly scammed over 1,400 people of an amount of Rs 158 crore in a multi-level-marketing scheme, pretending to be the CEO of Sun Pariwar Group, which was established by one of his students.
The accused has been identified as Methuku Ravinder, a Telugu teacher working in an upper primary government school in Siddipet.
Ravinder reportedly took leave and focused on making money throw a fake schemes from January this year. He allegedly lured people by promising huge returns if they invested in the schemes offered by his company.
For an investment of Rs 1 lakh, he allegedly offered Rs 5 lakh in a span of 25 months. The police said that the accused was running several companies under the Sun Pariwar Group.
The police have now frozen his bank accounts. The police were also able to find out that he was aided by his family members in the year-long scam. Ravinder was arrested by the Economics Offences Wing sleuths following a complaint by a victim, D Durgadas from Shameerpet.
The company offered a commission to marketing agents for bringing in business worth Rs 5 lakh as investment. Offering huge returns, he also promised foreign tours to his agents if they met their 'target' and lured investors.
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Last Updated 7:04 PM IST