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Jaguar Guru MLM Racket Busted, held for Cheating Several Depositors
HYDERABAD: A self-styled spiritual guru was arrested for duping several people of crores of rupees in a multi-level marketing (MLM) racket, police said on Monday.
E Kumar Girish Singh, 34, founder of ‘Advaita Spiritual Recharge Centre for Excellence’ (ASRCE), was taken into custody following a complaint from a Nagole woman who invested Rs 21.78 lakh in ‘Dream Bridz,’ a social business network floated by Girish. The accused promised huge profits within a short period if depositors enrolled two new members each, police said in a press release. Girish often travels in highend Jaguar car. “The investors were promised Rs 1 crore in six months if they deposited Rs 1 lakh each. The accused collected money from the woman, Swapna, a year ago but did not pay her a penny,” Rachakonda joint commissioner of police G Sudheer Babu said.
Girish, who was called ‘guruji’ fondly by members enrolled in various courses in ASRCE, lured people to invest in multi-level digital market, film production, gold and diamond business, with a promise to get massive returns, police said. In February, he had spent Rs 2 crore on a marriage. “Girish did not provide any returns on investments by depositors,” ACP cybercrime) Harinath said.
He made hundreds of members join ASRCE in various courses and collected deposits ranging from Rs 10,000 to Rs 2 lakh. Girish, who regularly used to feature in TV channels and social media, always dreamt of turning his venture into a mega business empire. “America has Bill Gates. Japan has Tadashi Yanai and China has Jack Ma." Sources said this prominent comment by Girish on his social media account and his dream to be in the company of Gates, Yanai and Jack Ma caught the attention of cops.
Cases are registered under the relevant sections of IPC and the AP Protection of Depositors From Financial Establishment Act and Price Chits and Money Circulation Schemes (Banning) Act.
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