Hyderabad: Prakasam police under superintendent of police Dr. Raghuram Reddy identified the residential properties of the NMart in Surat and other regions. Under court orders the SP claimed that soon they are going to confiscate the properties of the implicated Gopal Singh Shekhawat who has been absconding after the Borivali magistrate, Mumbai,after a non-bailable arrest warrant was issued against him.
He stated that the police have also pinpointed a helicopter purchase by the implicated Gopal Singh Shekhawat from the funds taken from the associates which was parked in Mumbai and took it. It is said that the Nmart scam is to the tune of Rs. 1400 crore.
The authorities have already confiscated numerous automobiles as well as two-wheelers owned by him. According to authorities, the case was filed against accused Gopal Singh Shekhawat and his wife as well as others under Area 420 of IPC, Sections 3,4,5 of Chits & Funds Money Circulation schemes (Banning) Act, 1978 as well as the AP Security of Depositors Act.
Police explained that the modus operandi of the racket is transparent. To become an associate of NMart, one had to pay Rs. 5500 and in return given 48 coupons each worth Rs. 220 to be exchanged with products in the next 48 months from the Nmart retail stores. Along with that, the associates will also be paid Rs. 200 on each registration of new member into the business plan. In addition to the incentive of Rs. 200, the associates were assured appealing prizes like motorcycles, cars, computer systems, foreign trips if they signed up more people under them into the NMart program.
At the same time, the reports have come from different States that associates attacked NMart retailers and took away whatever they could from the mart.
The NMart has 150 retail outlets in the country. Almost all retail outlets are now shut down. Some associates of NMart regretted that they had actually invested huge amount in the form of membership, hoping that some day it would certainly fetch them substantial returns in future.