Click to play videoMumbai: Jayaram Nadar could go down in history as having masterminded one of the most ingenious frauds on consumers.
Nadar floated a company SMS Media with his brother Jayaraja and the duo claimed an alleged linkage to an American organisation called American Jigsaw Data Corporation.
The scheme invited cellphone users to enroll at a reasonable fee and use the text messaging (SMS) facility in their phones to promote companies linked to this American organisation.
The igning up amount was Rs 500 per consumer and returns within 16 months, the brothers promised, would be 20 times the amount invested.
“The scheme said every month Rs 1,000 will be added to the money you deposit,” says senior police inspector, Pradeep suryavanshi
The accused also enrolled agents who were promised a handsome commission. Police says close to four lakh individuals handed over money to the conmen, but sources say the figure could be much higher, close to a million across the country.
“The scam amounts to more than Rs 250 crore with agents spread all across the country,” says an agent SMS Media, Manoj Ojha.
The conmen are absconding and police says the hunt is on. So the next time someone offers you something so unbelievable, ignore it for your own good.
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