Chennai: A multi-level marketing company, which took several for a ride last year promising quick money through mutual funds, is back in the news: more than 30 people on Friday complained to the city police commissioner that the company had cheated them. In the wake of the recent arrests of seven persons from the Gold Quest company and the seizure of valuables amounting to Rs 20 crores, many persons are coming forward to submit their petitions against such fraudulent companies. Sources said in the latest instance, the firm had offered itself as a mutual fund manager, collecting Rs 46,000 from each investor. The money was to be invested in listed companies and high returns were promsied. Company officials promised the investors that they would get Rs 11,500 per month as bonus for 11 months and they would get the initial investment back in the 12th month, if the investor introduced two new investors. Manoharan, a resident of Ashok Nagar said he had paid Rs 46,000 online. He never got the money or bonus back. Whenever, he approached the company, there was no response. Another petitioner Gunasekaran said more than 500 people, including some well-placed have fallen prey to the company, but many are yet to come out in the open. The petitions have been forwarded to the central crime branch for further inquiry, police said.
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