The Central Crime Branch (CCB) of the Coimbatore City Police have registered a case against multi-level marketing (MLM) firm ‘My V3 Ads’ for alleged irregularities in its operations. There was high drama on Monday as at the behest of the firm’s management, a few thousand people, mostly investors of the firm, gathered to protest against the registration of the case.
The CCB registered a case against the firm and its proprietors based on a complaint lodged by a cybercrime police sub-inspector, based on advertisements and videos posted by the firm through its YouTube channel.
The case was registered on January 19, under Sections 3 (banning of prize chit and money circulation schemes or enrolment as members or participation therein) and 4 (penalty for contravening the provisions of section 3) of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and 3 (banning of unregulated deposit schemes), 6 (certain scheme to be unregulated deposit scheme) and 21 (2) (punishment for accepting deposits in contravention of section 3) of the Banning of Unregulated Deposit Schemes Act, 2019.
