Hyderabad: In the Karakkaya business case, where many individuals were duped into believing they could make large sums of money through the Karakkaya business, Cyberabad Police Commissioner Stephen Raveendra presented cheques to 12 victims.
In 2018, the company’s management had enticed victims with promises of increased returns on investment in the firm. f Chebulic Myrobalan, commonly known as Karakkaya nuts is a laxative used in Ayurvedic medicine.
The firm persuaded investors to buy a kilogram of Karakkaya for Rs 1,000 and then return it after producing powder for Rs 1300 per kilogram.
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The business defrauded 423 consumers and earned Rs 3.75 crore from them. A lawsuit was filed, and the firm’s assets were confiscated and auctioned.
“After identifying 281 victims of the fraud, we began repaying them with court approval,” Raveendra added.
People are hereby advised not to fall prey to such schemes and scams in the name of attractive rate of interest, different incentives, and gifts. Before investing anywhere, a thorough verification may be conducted and investment may be made in registered and authorized institutions only. Victims of any such schemes may approach Cyberabad Police through WhatsApp number 9490617444.