Multi-level marketer held for cheating

May 11, 2012 |

Hyderabad

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The CCS police on Thursday arrested Kovvuru Srinivasula Reddy, the 42-year-old director of Sree Virat Marketing, for multilevel marketing and booked cases under various Sections of the IPC and the AP Protection of Depositors of Financial Establishment Act. The director allegedly cheated depositors to the tune of Rs 3 crore.

According to the police, Srinivasula, a native of Produttur, came to Hyderabad in 2005 and started a business of herbal products and insurance. Three years later, he got into the real estate business and started M/s Sree Virat Marketing, and hosted websites www.virat.biz and www.sreevirat.com. He started various multi-level realty marketing schemes. He gained the confidence of gullible customers by registering plots as Simple Mortgaged Deeds without possession, besides issuing post dated cheques and collecting deposits. He winded up his operations in April 2010. “He cheated to the tune of Rs 3 crore,” said K.V. Ram Narsimha Reddy, ACP, CCS.

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