Swindled ₹ 50 cr. to ₹ 60 cr. by floating multi-level schemes

A self-styled spiritual ‘guru’ who floated several shell companies and ran multi-level marketing schemes was arrested by the Cyber Crime police of Rachakonda for duping over 400 depositors.

Eargarpathi Kumar Girish Singh (34) of Advaita Spiritual Recharge Centre for Excellence in Madhapur swindled about ₹ 50 crore to ₹ 60 crore, police said.

Following a complaint by one Kodakandla Swapna of Nagole, who deposited ₹21.48 lakh in a scheme , the police also arrested his stepbrother Eslavath Dileep Singh (29). Rachakonda Joint Commissioner G Sudheer Babu said that the accused told the depositors that by investing ₹ 1 lakh they can earn ₹ 1 crore in a span of 3 to 6 months by reaching 10th level. The scheme attracted hundreds of innocent people and within a few days the accused collected several crores and was absconding since then.

Police said that in February, Girish married his girlfriend and follower Divya at Ramoji Film city and spent the depositors’ money.

Under the guise of a spiritual motivator, he collected deposits stating that he would invest the money in several businesses, including social trades, multi-level digital markets, digital wallet, e-commerce portal and Bitcoin like “G-coin” (Girish Coin) and a film production company. The cyber crime team led by J Narender Goud seized a luxury car, three sedan cars, three bikes, three mobile phones and five Indian passports from their possession.

“The arrested will be sent to judicial custody and their police custody will be obtained for further investigation,” Mr Goud said.