eBIZ.com Director arrested in 5000 crore Scam

   By Power Corridors ,  22-Aug-2019
eBIZ.com Director arrested in 5000 crore Scam

The 62-year-old managing director and his son were taken into custody and the company head office at Noida was sealed.

The Managing Director of multilevel marketing company eBIZ and his son were arrested by the Hyderabad Police from the company's Noida office on Tuesday for allegedly cheating thousands of people, including students and unemployed youths, to the tune of Rs 5,000 crore nationwide.

“Pavan and Hitikh Malhan were arrested from Noida, while they were trying to escape from the company,” a senior police officer said, adding that more arrests in this connection would be made soon. A police team on Wednesday visited the company in Noida again and seized some documents.

“The company head office was sealed by the police and an amount of Rs 389 crore was frozen in the company's bank account. During investigation, it was found that Pavan as MD, his wife Anitha as director and son Hitikh looked after the company's affairs,” the official added.

The 62-year-old managing director and his son were taken into custody and the company head office at Noida was sealed. The deposits worth Rs. 398 crore have also been frozen in their multiple bank accounts.