CHAIRMAN ARRESTED : Firm Got Bankrupted For Alleged Scam Of 5000 Cr.

A financial racket run by a Noida based money circulation firm eBIZ.com has been busted by the cyberabad economic offences wing in telangana.

The firm's managing director and his son have been arrested for allegedly cheating around 16 lakh people through money circulation schemes of more than Rs 5000 crore.

The money circulation company was established in 2001 with Registrars of companies (ROC) in new delhi. Its managing director is pawan malhan .His wife anita malhan is a director and his son Hitik malhan looks after the company affairs,"the cyberabad economic offences said in a statement .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.

They have also been frozen in their multiple bank accounts and this company always used to target for youngsters. Initially, a member joins the scheme by paying 16,812 to become the member. After this the member receives 4 percent commission  if he brings  other persons to the forum,"police said.