COIMBATORE: Thirty-eight persons of a fraudulent multi-level marketing firm involved in defrauding investors of several crores appeared before the Special Court under the Tamil Nadu Protection of Interests of Depositors (TNPID) Act in Coimbatore on Thursday. The EOW has booked 38, including managing director Sakthi Anand of My V3 Ads Marketing Private Ltd. The firm attracted investors from across the state by promising lucrative returns and financial incentives.
Following complaints from investors who failed to receive the promised returns, the EOW launched an investigation. So far, 252 investors have reported losses amounting to approximately Rs 3.17 crore, officials said.
As part of the probe, the EOW filed a 94,063-page charge sheet before the TNPID Court. When the case came up for hearing on Thursday, all 38 accused appeared before the court.
Presiding Judge MN Senthil Kumar adjourned the matter to June 29, when copies of the charge sheet are expected to be furnished to the accused.