KOCHI: Probe into the Nano Excel Money Chain has revealed that more than two lakh people have been cheated under the scheme.The Crime Branch, Economic Offences Wing (EOW) conducting the probe is also set to take action against 23 other money chain companies having operations in the state.Harish Maddnenni, the managing director of the company revealed to the EOW that the company had 2,06,194 members registered in India, the UAE and Philippines.In India, money was collected from 1,99,848 members of which, 1,60,827 members were from Kerala alone.In UAE, he had 4,087 members and in Philippines about 2,259 invested in the company.At least 50,383 investors have not received any payments, neither their invested amount.“More than fifty thousand people have lost their complete investment and majority of them is from Kerala.The company operated via the internet and issued membership to more than two lakh people.Some of the people were given a share of their investment initially, but till date none has received complete payments.More details will come out during the course of the investigation,” EOW officer said.Money was also collected as Tax Deducted at Source (TDS) and fees for an investor magazine.“The company has collected Rs 33,13,17,523 for TDS and Rs 18,90,97,006 as subscription fees.The whole scam will be more than Rs 300 crore.We are investigating how much money was collected illegally from investors,” EOW official said.The crime branch is also tracking 23 other money chain companies, many of which operates from other states.Many of the companies operate through websites promising to double the investment in a short time, but as the number of the investors increase, they flee with the entire money.“We have listed 23 companies carrying out money chain operations in the state.We have received complaints about their operations and have launched an investigation into this.Action will be taken against the fake companies operating in the state,” Sunil Kumar, DySP, CB (EOW) said.
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