Cyberabad police commissioner M Stephen Raveendra on Sunday handed over cheques to depositors of ‘Karakkaya scam’, that was registered in Kukatpally Housing Board Colony police limits in 2018, on Sunday.
Starting off as a scheme for self-employment of women, the fraud at the time of being reported to the police was to the tune of ₹3.75 crore and had a subscriber base of 423 members.
According to a complainant, the scheme was all about buying Karakkaya or Haritaki, a medicinal herb, at ₹1,000 per kilogram and returning it to the seller in powdered form to get ₹1, 300 for the same quantity. Whoever intended to buy 100 kg of Haritaki would get a franchise and an additional ₹50 incentive per kg. The complainant had deposited ₹40 lakh and entered into an agreement.