Thursday, September 22, 2011: Harish Babu Maddineni, Managing
Director of Nano Excel group and prime accused in the Nano excel money
chain fraud case was today sent to judicial custody till October 4th.
The accused was presented before the Thrissur chief Judicial Magistrate Court on Thursday.
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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