Wednesday, June 19, 2013

Cops invested in Ponzi scheme to unearth fraud

TOI report on June 4

Mateen Hafeez 

Mumbai: Two officials of the economic offences wing (EOW) put money in MMMindia, also known as triple M, to uncover its fraudulent practices.  The firm allegedly cheated more than 70,000 people of nearly Rs 2,000 crore. No arrest has been made yet and the police have named 17 people, including five Russian nationals, as accused.
    The complainant, a police officer, stated, “During an inquiry, I received a tip-off that MMMIndia would conduct a seminar in Dadar. I present at the event which was attended by 800 to 1,000 people from Mumbai, Navi Mumbai, Pune, Thane and Nashik. We recorded everything, including lectures by MMM members. There were speeches and a dance show.”
    The “motivational” speech in Russian was delivered by Alexei Muratov and translated into English by Michel Gluing. An accused, Dinesh Kotian, translated the speech in Hindi, the police said. “I also came to know that the panel leaders and networkers in the scheme are also inducing people to invest money in the scheme by arranging meetings at various hotels and other places. Clips of such seminars have been uploaded on file-sharing and social networking sites. Thousands are falling prey to the fraud scheme,” a senior police officer said.
    In May, the Assam police had arrested Muratov, Adery and their three Indian accomplices. The EOW has also obtained a transfer warrant for their custody. A team is likely to leave for Assam.

The Times of India, June 19, 2013

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