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The Telangana Crime Investigation Department (CID) has arrested Lalith Mohan Varma, the chairman and managing director of Maya Care Welfare Society, a dubious multi-level marketing (MLM) firm. Varma is accused of defrauding hundreds of investors of Rs5 crore through a binary scheme promising unrealistically high returns.
The arrest came after Kodela Bhadraiah, a resident of Chityal in Jayashankar Bhupalpally district, filed a complaint against the MLM company. According to the complaint, Maya Care Welfare Society, headquartered in Uttar Pradesh, operated an online MLM platform disguised as a welfare initiative.
The CID is continuing investigations as more victims come forward, shedding light on the fraudulent operation masterminded by Varma.
