According to the provisions of the Prevention of Money Laundering Act, 2002, the Directorate of Enforcement (ED) has temporarily attached Rs.18.79 Crore held in 18 bank accounts of M/s Multyjet Trading Pvt. Ltd., its Promoter Director Tekula Mukthiraj, and others (PMLA).
On the basis of an FIR filed by the Central Crime Station in Hyderabad against M/s Multyjet Trading Pvt. Ltd, Tekula Mukthiraj, and others for engaging in dishonest multi-level marketing and investment schemes, the ED opened an investigation under the PMLA.
M/s Multyjet Trading Pvt. Ltd, Tekula Mukthiraj, and others deceived the general public under the pretence of an investment plan, according to an investigation conducted under the PMLA. The victims were shown their virtual accounts on a website called www.multyjettrade.com to give the impression that they were making money through commodity trading.
In a short period of 3–4 months between August 2022 and November 2022, M/s Multyjet Trading Pvt. Ltd. amassed more than Rs. 100 Crore from the general public/investors through a Ponzi scheme. M/s Multyjet Trading Pvt. Ltd. first offered rewards on the public’s investments. Unfortunately, they soon ceased replying to the investors and shut down their business after a while.
Tekula Mukthiraj funnelled the profits of crime into his and his wife’s bank accounts, as well as the bank accounts of the companies he controlled, including M/s Radhe Radhe Krishna Infra and Developers, M/s Real Life Infra and Developers, and M/s TMR Infra and Developers. It is now being investigated further.
