A multi-level marketing racket has been unearthed by the economic offences wing with the director of Cosy Marketing Pvt. Ltd., 41-year-old Manish Goel, being arrested on Tuesday. Over 11,000 victims have been affected in the racket. The company cheated people into giving them money with the promise of properties in Pushkar, Rajasthan. The company had collected over Rs. 20 crores with this scheme.
A complaint was received at the Economic Offenses Wing of Delhi police, alleging Cosy Builders and Promoters Pvt. Ltd., a sister concern of Cosy Marketing Pvt. Ltd., was cheating people with the promise of developing a township at Pushkar Ajmer, Rajasthan.
'Manish Goel, who has a degree in Bachelor of Pharmacy from Nagpur and has also done a Post Graduate Diploma in Marketing from IMT Ghaziabad, was apprehended on Tuesday following investigations into allegations that Cosy Marketing Pvt Ltd had cheated people by falsely promising them property in Pushkar, Rajasthan,' said deputy commissioner of police (EOW), S D Mishra.
According to the police, in 2012 Cosy Marketing Pvt. Ltd. organised many seminars in Delhi, Haryana, Rajasthan and UP to impart information about the project and also distributed brochures and other materials, while promoting the real estate business under the banner of its sister concern, Cosy Builders and Promoters Pvt. Ltd.
It was said that investors would get a plot of land measuring 100 sq. yard in Brahma City at Pushkar, Rajasthan for only Rs. 41,000. For this, investors had to initially deposit Rs. 11,000 in advance at the time of obtaining membership of the project and the remaining money was to be deposited in 15 installments of Rs. 2000 each every month.
More than 11,000 people had invested in the scheme. The company, a networking project (multi marketing scheme) had collected money from the people and distributed commission for every new member in the scheme. 'The commission was paid as per different plans such as Direct Income, Level Income, Binary Income, Royalty Income, Leadership Income and Rewards,' said an official.
The company reportedly allotted plots to a few members but most of the other members did not receive any property as the whole scheme was a farce.
'The company had only a limited piece of land, that too agricultural and grossly insufficient to allot plots to the huge number of members they had taken in,' said an EOW official.
'There were no sanctions of a township and the money generated from the people was being circulated to pay commissions and rewards to old members to lure more customers,' added Mishra.
Two bank accounts-one in Kotak Mahindra Bank and the other in ICICI Bank at Dwarka - where the money of the victims were transferred, have been identified and frozen. 'We are probing the matter.
Efforts are on to trace Manish’s brother Rakesh Goel, co-accused and alleged mastermind in this racket,' said Mishra.
A complaint was received at the Economic Offenses Wing of Delhi police, alleging Cosy Builders and Promoters Pvt. Ltd., a sister concern of Cosy Marketing Pvt. Ltd., was cheating people with the promise of developing a township at Pushkar Ajmer, Rajasthan.
'Manish Goel, who has a degree in Bachelor of Pharmacy from Nagpur and has also done a Post Graduate Diploma in Marketing from IMT Ghaziabad, was apprehended on Tuesday following investigations into allegations that Cosy Marketing Pvt Ltd had cheated people by falsely promising them property in Pushkar, Rajasthan,' said deputy commissioner of police (EOW), S D Mishra.
According to the police, in 2012 Cosy Marketing Pvt. Ltd. organised many seminars in Delhi, Haryana, Rajasthan and UP to impart information about the project and also distributed brochures and other materials, while promoting the real estate business under the banner of its sister concern, Cosy Builders and Promoters Pvt. Ltd.
It was said that investors would get a plot of land measuring 100 sq. yard in Brahma City at Pushkar, Rajasthan for only Rs. 41,000. For this, investors had to initially deposit Rs. 11,000 in advance at the time of obtaining membership of the project and the remaining money was to be deposited in 15 installments of Rs. 2000 each every month.
More than 11,000 people had invested in the scheme. The company, a networking project (multi marketing scheme) had collected money from the people and distributed commission for every new member in the scheme. 'The commission was paid as per different plans such as Direct Income, Level Income, Binary Income, Royalty Income, Leadership Income and Rewards,' said an official.
The company reportedly allotted plots to a few members but most of the other members did not receive any property as the whole scheme was a farce.
'The company had only a limited piece of land, that too agricultural and grossly insufficient to allot plots to the huge number of members they had taken in,' said an EOW official.
'There were no sanctions of a township and the money generated from the people was being circulated to pay commissions and rewards to old members to lure more customers,' added Mishra.
Two bank accounts-one in Kotak Mahindra Bank and the other in ICICI Bank at Dwarka - where the money of the victims were transferred, have been identified and frozen. 'We are probing the matter.
Efforts are on to trace Manish’s brother Rakesh Goel, co-accused and alleged mastermind in this racket,' said Mishra.