Zaheer Rana, who defrauded many in last decade through his MLM scheme, is back in business. Operates from his office at Mithakhali, ready to launch new multi-level marketing scheme.
Is the infamous Zaheer Rana who had amassed crores through his dubious multi-level marketing scheme back in business? There is a buzz in the market that Rana of Remo Marketing fame is the one who is now the brain behind a number of Ponzi schemes that have mushroomed in the city.
Some operators believe that Rana floated his own firm in February. At the same time, some others say that Rana already has got four money-multiplying firms operating in Mumbai, where he has been spending substantial time lately.
On Wednesday, Imtiyaz Saiyed of Imtsons, a Ponzi firm, announced in a press conference that Rana runs an investment firm in a partnership with a policeman’s son. Though this could not be confirmed, what remained inescapable was that Rana is back in this industry.
According to sources, Rana has been out of jail for the past three years. And he is believed to be the brain behind the numerous ‘high return investment schemes’, which bankers and policemen suspect as scams.
He is now operating from his old office in Navrangpura, from where a multi-level-marketing (MLM) scheme under the brand of Remo Marketing was being run in 2002-03. The flashy Rana was intercepted by police when it was found that he had defrauded lakhs of people of crores of rupees by way of his schemes. He was arrested and sent to jail. Though many people had claimed that they made money from the MLM scheme, there were several others who lost heavily.
Now, after nearly a decade, Rana seems to be back into business. Agents say Rana plays a significant role in this complex market. In Ahmedabad, there are some 35 companies that offer 120%-400% returns a year. They take investments starting from Rs3,000 from middle-class investors and promise fixed returns every month for years to come.
A few months after DNA exposed that the lucrative Ponzi schemes are a death knell for middle-class families who are putting their hard-earned money in them; one high-profile operator Abhay Gandhi went underground with hundreds of crores of rupees. Another Ponzi operator, Imtsons headed by a former bank employee Imtiyaz Saiyed, is winding up. Imtsons is possibly the earliest operator of such a scheme within minority circuits.
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