HYDERABAD: Task Force sleuths on Tuesday arrested two persons involved in duping public in the name of multi-level marketing.The accused company had reportedly collected subscriptions worth `347.3 crore.Based on a complaint, sleuths raided Nano Excel Enterprises Ltd, which was carrying out multi-level marketing in guise of selling nanotechnology-based consumer products.Police arrested Harish Babu Maddeneni, MD of the firm.Coaccused Patrick Thomas was arrested.After studying medicine in Russia, Maddineni returned to India and planned to market nano-technology products after importing them from various countries.He registered his firm in 2007 and enrolled himself and his cousin Chinna Rao's names as directors.He further planned to sell the products through franchises at UAE and Philippines.At present, the firm was reportedly selling 11 products in the name of Nano Care Products through his distributors.Most of the products were imported from Korea, Shenzen and China.The products were sold via referral marketing.In December 2007, the company started a multilevel marketing chain which paid commission to distributors.
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