The accused have been also booked under relevant sections of Prize Cheats and Money Circulation (Banning) Act, Information Technology Act, and Maharashtra Protection of Interests of Depositors Act. (Representational image) The accused have been also booked under relevant sections of Prize Cheats and Money Circulation (Banning) Act, Information Technology Act, and Maharashtra Protection of Interests of Depositors Act. (Representational image) The crime branch of Navi Mumbai Police has claimed to have busted a multi-level marketing (MLM) online business racket and arrested 17 persons. According to the Navi Mumbai police, the accused ran the scheme under the name of ‘JeeoIndia’ and assured clients of high returns within few days of investment. As many as 17 persons, including a key promoter, Sudhir Patil, have been arrested during a raid conducted by police at a hotel in Kalamboli in Navi Mumbai on August 18 while the firm was having a function, Navi Mumbai Police Commissioner, Hemant Nagrale said in a release. Prima facie, it was found that the organisers lured investors by promising returns as high as 1 per cent per day on their investments. The promoters also marketed the multi-level marketing scheme to generate more response by giving commission to the agents, the release said. An offence has been lodged under IPC sections 420 (cheating), 406 (criminal breach of trust), rw 34 (common intention). The accused have been also booked under relevant sections of Prize Cheats and Money Circulation (Banning) Act, Information Technology Act, and Maharashtra Protection of Interests of Depositors Act. Further investigation is being carried out by the Economic Offences Wing of Navi Mumbai Police. For all the latest Cities News, download Indian Express App

Stay updated with all the Mumbai Latest News headlines here. For more exclusive & live news updates from all around India, stay connected with NYOOOZ.