Nano-excel fraud case; 18 more held

Thursday, September 15, 2011: As many as 18 more persons have been taken into police custody in connection with the Nano excel money chain fraud case. Harish Maddineni, Managing Director of Nano Excel group and prime accused in the Nano excel fraud case was sent to police custody by Thrissur Chief Judicial Magistrate Court.

Harish, who was allegedly carrying out the MLM scheme under the guise of selling nano technology products, was involved in organising an international money circulation scheme worth over Rs 347 crore, Hyderabad police had stated soon after he was arrested on August 30.
Several criminal cases have been registered against him in various states and he is wanted in 236 cases in Kerala alone that are under investigation. Nano Excel Corp deals in nano health and wellness products in the Asia Pacific region. The company sells about 11 nano technology products imported from different Asian countries.
Those who enrolled with the company were lured with offers of good commission. They had enrolled over two lakh distributors/members and collected subscriptions worth over Rs 300 crore in United Arab Emirates, Philippines and different states in India. Money chain fraud cases worth Rs 1,000 crore have been unearthed in Kerala.

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