Two Arrested In Multyjet Trade Pvt Ltd Case

The Managing Director Tekula Mukthi Raj and another employee Bhaskar of Multyjet Trade Pvt Ltd, which collected huge money from investors and shut down on November 10, were arrested today.

Multyjet Trade was started in July 2022 in the name of Real Life Infra Developers. In August it was changed to Multyjet Trade Pvt Ltd, with its address at Street No 8, Habsiguda, Hyderabad, and with Motilal Sarkar and Prashanth Eknath Burande of Chandrapur, Maharashtra, as its directors.

The main operators in Multyjet were however supposed to be its Mukthi Raj and Bhaskar.

Multyjet Trade invited the public to invest money in commodity trading for which they offered 2% to 3% returns on their investments every day. A website was developed and the investors were given access to the website through an ID created in the name of each investor. At the end of each day, the investors' profit was shown based on the trends on the commodities in the website.

For knowing the latest trends on commodities, the accused collected trends from one of his friends Mushtaq of Mumbai and accordingly adjusted the investment shown on the website.

After collecting huge money, on November 10, 2022, the office of Multyjet was shut down, and Raj, Bhaskar and other employees vanished.

Mukthi Raj and G Bhaskar were eventually arrested today and remanded to judicial custody.