In a significant development, the Central Crime Branch (CCB) of Coimbatore City Police has initiated legal action against the multi-level marketing (MLM) firm ‘My V3 Ads,’ citing alleged irregularities in its operations.
The registration of the case sparked high drama as thousands of investors, mainly associated with the firm, gathered in protest on Monday.
The CCB acted on a complaint filed by a cybercrime police sub-inspector, prompted by advertisements and videos disseminated through the firm’s YouTube channel. The case, registered on January 19, invokes sections of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978, and the Banning of Unregulated Deposit Schemes Act, 2019.
‘My V3 Ads’ entices individuals with free opening memberships and various paid schemes, operating through an app with over 5 million downloads. Paid members receive herbal packs and ayurvedic capsules, along with promises of promotional income and rewards for expanding the MLM network. Membership fees range from ₹360 to ₹1,21,260.
The First Information Report (FIR) highlights that the ayurvedic capsules promoted by the firm lack validation from the Health Department. Although the CCB is yet to receive investor complaints, the case has stirred unrest among the firm’s supporters.
Simultaneously, a massive gathering of investors and their families took place on the L&T bypass of Salem – Kochi highway near Neelambur. The firm’s managing director, Sakthi Anandan, mobilized the protest through a video on the company’s YouTube channel, urging investors to converge and voice their dissent.
As investors from various regions assembled, senior police officers and a Revenue Divisional Office intervened.
Discussions were held, and petitions were accepted from the protestors, leading to the dispersal of the crowd. However, the gathering disrupted traffic along the L&T bypass at Neelambur.
The legal action against ‘My V3 Ads’ unfolds as a complex saga, intertwining accusations, protests, and regulatory scrutiny.