Two arrested for ponzi two-wheeler schemes

Jawahar Nagar Police in Rachakonda Commissionerate on Saturday arrested two persons for duping customers in the name of selling two-wheelers under its various schemes.

Police said Medipally’s K. Pallavi Reddy and P. Sanjay of Jawahar Nagar jointly opened multi-brand two-wheeler stores in 2019 at Dr. AS Rao Nagar, Dammaiguda in 2020 and other outlets at Maheshwaram, Manasanapalli X Road and Domadugu.

Both encouraged customers to buy two wheelers while investing in incredible schemes to make easy money.

The plans included the pyramid model, where a customer had to pay only 60% of the cost of the vehicle and join four new customers to get full loan clearance in 12 payments. Reddy and Sanjay will pay only 20% for the down payment and the balance amount after arranging bank finance.

Their other game plans were the waiting period scheme, in which vehicles were paid 50% of the price in advance, but with a mandatory 100-day wait, and the investment plan, where customers were lured with double returns after 100 days. .

Police said around 300 victims were customers and the fraud amounted to ₹2 crore.

Both were booked for cheating and under various provisions of the Prize Chits and Money Circulation Schemes (Banning) Act and the AP Protection of Depositors of Financial Establishment Act.

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