Hindusthan Samachar
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Bursting of Fraudulent MLM Scheme “eBiz” by Cyberabad Police

By HindusthanSamachar | Publish Date: Mar 12 2019 10:40PM
Bursting of Fraudulent MLM Scheme “eBiz” by Cyberabad Police
\RTelangana :Hyderabad: March 12: This is a case of cheating and money circulation by eBiz.com.Pvt.Ltd bursted by the sleuths of Cyberabad Police.One person was arrested based on complaint by Samalla Vivek of Kundanbagh, Hyderabad.eBiz.com Pvt. Ltd is a Money Circulation company (MLM Company) established in 2001 based at Noida in Uttar Pradesh. The company head office is located at Sector 63, Noida, Uttar Pradesh. It was registered with ROC in New Delhi. Its Managing Director is Pavan Malhan. His wife Anitha Malhan is director and his son Hitik Malhan looks after the company affairs. The Company has got around 7 lakhs representatives as its members and the amount of cheating to the tune of more than Rs.1000 crores. The eBiz business model is a simple pyramid scheme in which the early entrants earn money and as the number of representatives increases, finding more representatives (New Comers) to join becomes difficult or impossible. A representative that joins late does not earn enough to cover their first outlay and the model collapses. Adding a product to the pyramid scheme is the latest trend in the evolution of such money circulation schemes. They target the most vulnerable sections of the society. The products are mostly unbranded; sourced from mostly unscrupulous agencies; are valueless and are sold typically overpriced many times their actual cost in the name of magical remedies or craftsmanship or uniqueness etc. This huge exaggerated margin enable the promoters to pay commissions to some extent. In this case the promoters are promoting e-learning courses/products, holiday packages etc.The scheme is rampant in cities of Hyderabad, Bangalore, Chennai and States of Jammu and Kashmir, Delhi, Uttar Pradesh, Maharashtra, Karnataka, Tamilnadu, Goa and almost all over the country. Hitik Malhan (31 years ), who is the son of Pawan Malhan (Managing Director) and Anitha Malhan (Director), is arrested. The office of eBiz Pvt. Ltd. at Noida is sealed. An amount of Rs. 70.5 crores is freezed in the Bank accounts of eBiz Pvt. Ltd, its Directors and accused persons. Other accused persons are yet to be arrested. Mr Sajjanar, commissioner of Police briefed the media and appealed public to be vigilant against such blade companies. N.Nagaraja Rao/Hindusthan Samachar ,Hyderabad \R
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