Hyderabad (Telangana): Cyberabad Police on Tuesday busted a fraudulent MLM money scheme and arrested one person for being involved in the over Rs 1000 crore scam. 31-year-old Hitik Malan was arrested on Tuesday for being involved in an Rs.1000 crore scam, police said. His company's office in Noida has been sealed and his bank balance of around Rs 70.5 crore has been frozen, police added.

VC Sajjanar, Commissioner of police said, This is a case of cheating and money circulation by eBiz.com Pvt Ltd. A case has been registered in police station Madhapur against this company on the complaint of Samalla Vivek. There have been two cases against this company at Warangal and Adilabad, which are under investigation. It is reliably learnt that cases against this company have been registered all over the country.