Major Scam Uncovered in Cyberabad; 3,600 Victims

Hyderabad: A large-scale scam has been uncovered in the Cyberabad region, with the fraudulent activities of the "12 Wealth" company coming to light. The company had been luring investors with promises of high returns, claiming that an investment of Rs. 8.08 lakh would secure a two-gunta plot of land, with monthly payouts of Rs. 32,000 for a period of 25 months.

Additionally, the company offered an enticing deal for those who brought in more people, assuring them of Rs. 7,200 per month for recruiting new investors. This tactic led to a significant rise in the number of victims, with approximately 3,600 people falling prey to the scam.

The company, which operated out of Kukatpally, is now under investigation after it was revealed that they had siphoned off a staggering Rs. 300 crore from their victims. After accumulating this enormous sum, the company abruptly shut down its operations, leaving many without their promised returns or refunds.

The authorities are now investigating the matter and are working to track down the perpetrators behind the scam. Victims are urged to come forward and lodge complaints with the police. This incident highlights the growing need for vigilance and awareness in the face of such fraudulent schemes targeting unsuspecting individuals.