Efforts on to get refund of deposits from MLM firm : Police

Chennai, May 24 (UNI) Chennai City Police Commissioner G Nanchil Kumaran today said the police department was taking all steps to get refund of the investment made by thousands of depositors in the Hong Kong-based Gold Quest a multi-level marketing firm, which promised gold coins for each deposits.

Talking to newspersons here, he said police were speeding up the process to arrest the company's managing director Vijay Eswaran, who had reportedly fled to Malaysia.

He said in all police had received 17,348 complaints against the firm.

'It is learnt that the company had cheated Rs 45 crore by collecting money from its members.' he said.

Stating that the police found that Gold Quest had invested Rs 150 crore in share market, he said steps are being taken to put that money on hold.

He also said the firm had invested in a couple of other financial institutions too.

As scores of depositors started thronging the police commissionerate flooding with complaints against the firm, police have arrested seven people, including its General manager Pushpam and remanded them in judicial custody.

UNI GV NY KP1516