Probe into Sankalp Siddhi money circulation scheme raises many doubts
The Hindu
Organisers collected more than ₹200 crore from customers in A.P., Karnataka and Telangana States
Investigation into the activities of Sankalp Siddhi Ecart India Pvt. Ltd, spread in about three States on the pretext of money circulation scheme and online trading, was raising many doubts among the public.
The company, operating in Andhra Pradesh, Karnataka, and Telangana States, allegedly collected huge amounts from the customers, the Cyber Crime Police, who are investigating the multi-crore scam said.
But, the NTR District Police Commissionerate officials, who produced five accused before the media on Monday, did not reveal how much money was invested and how many customers deposited money in the schemes floated by the organisers.
“The organizers established Sankalp Mart in 2021 and Sankalp Siddhi Ecart India Pvt. Ltd in May this year. We are trying to find out how many people were duped on the name of the money circulation scheme and the amount collected,” said an investigation officer.
It is said that the organizers collected about ₹200 crore from 2,000 customers in the three States. They purchased properties in the three States and have set up supermarkets and other establishments, with crores of rupees.
Accused, Gutha Venugopal of Vijayawada, his cousin brother, G. Kishore, of Ballari in Karnataka, and three others, including two women, were running money, gold and land schemes and online marketing.
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