In a PMLA case, the Enforcement Directorate (ED) said on Wednesday that it had frozen Rs 18.79 crore in 18 bank accounts of a Hyderabad-based company Multyjet Trade Pvt Ltd, its promoter director Tekula Mukthiraj, and others. On the basis of an FIR registered by the Central Crime Station in Hyderabad, the ED launched an investigation under the PMLA against Multyjet Trade Pvt Ltd, Tekula Mukthiraj, and others for engaging in fraudulent multi-level marketing and investment schemes.
“Investigation under PMLA revealed that Multyjet Trade Pvt Ltd, Tekula Mukthiraj and others duped general public in the guise of an investment scheme. For this, a website by the name www.multyjettrade.com was created on which the victims were shown their virtual accounts to give an impression that they were earning profits from commodity trading. In this manner, Multyjet Trade Pvt Ltd collected more than Rs 100 crore from general public in a short span of 3-4 months between August 2022 and November 2022 in Ponzi scheme,” the ED said.
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Investment bait used by cyber fraudsters to lure victims
Multyjet Trade Pvt Ltd initially provided returns on the money invested by the public. However, after a while, they stopped responding to investors and eventually shut down their operations. Tekula Mukthiraj, in connivance with his associates, routed the proceeds of crime in his and his wife’s bank accounts as well as the bank accounts of firms controlled by him namely, TMR Infra and Developers, Real Life Infra and Developers and Radhe Radhe Krishna Infra and Developers. Further investigation in the matter is on.
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