Ratlam (Madhya Pradesh): Continuing their crackdown on fraudsters, police on Sunday arrested two persons, as well as the owner of a company involved in promoting a fraudulent multi-trillion financial entity (MTFE) scheme, which targeted innocent people.
Under the directive of SP Rahul Kumar Lodha, the police initiated action against companies luring the public into illegal money deposits and offering unrealistic returns. This crackdown was carried out by a dedicated team under the guidance of Lodha, comprising ASP Rakesh Khakha and cop Durgesh Armo.
Police registered a case under various sections of the Indian Penal Code and the Irregular Deposit Scheme Ban Act 2019, against the accused persons. Further investigations led to the identification and arrest of Yogananda Bambore Chandrashekhar Rao, the owner of Kalin Scam Private Limited, who was suspected of being involved in the fake MTFE Company.
The MTFE scheme aimed to deceive individuals into depositing money through an online app with promises of hefty profits. However, after a thorough investigation, it was discovered that the company was operating fraudulently, embezzling the hard-earned capital of the general public. The arrested persons, Govind Singh Chandrawat and Sandeep Tak admitted to their involvement in luring people to invest in the MTFE scheme.
The police are currently interrogating the arrested frauds and further revelations are expected regarding the operations of the fake MTFE company. The Ratlam Police have appealed to anyone associated with the MTFE company, who has downloaded the MTFE application and invested money in it, to submit their QR code to the nearest police station.
