HYDERABAD: City police claimed to have nabbed the prime accused in the Nano Excel money chain fraud, who was allegedly carrying out multi-level marketing in the guise of selling nano technology products.Acting on a complaint, the Commissioner's Task Force (Central Zone Team) conducted a raid on Nano Excel Enterprises Ltd at Kondapur here and apprehended its Managing Director Harish Babu Maddineni, a senior police officer said."The fraudster (Harish) was involved in organising an international money circulation scheme worth more than Rs 347 crore," Deputy Commissioner of Police (Commissioner's Task Force) K Raghuram Reddy said in a release here tonight.Another accused Patrick Thomas, director of Nano Excel Network Marketing Company has already been arrested by the Kerala Police.Several criminal cases have been registered against the accused in different states and Harish was wanted in 236 cases in Kerala alone that are under investigation, the DCP said.Nano Excel Corp, formed in 2007 by Harish, deals in nano health and wellness products in the Asia Pacific region.The company is selling about 11 nano technology products imported from different Asian countries.Those who enrolled with the company were lured with offers of good commission, the senior police officer said.The company enrolled over two lakh distributors/members and collected subscriptions worth Rs 347 crore in United Arab Emirates, Philippines and different states in India.
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