In a recent development, the Coimbatore City Police launched an investigation into the alleged scam involving MyV3 Ads, a company headed by Anand, its CEO. The investigation comes in response to numerous complaints filed by the public, accusing the company of fraudulent activities related to online advertisements promising lucrative returns.
The complaints suggest that MyV3 Ads lured thousands of people in Coimbatore by claiming that watching advertisements on their mobile app would result in financial gains. The company is accused of operating a sophisticated multi-level marketing (MLM) scam, deceiving individuals into investing in the hope of substantial returns.
The police began their inquiry following the registration of a case on January 19th. Supporters of MyV3 Ads rallied in support of the company, expressing their solidarity outside the police station.
Approximately 5,000 people gathered in Coimbatore’s Neelambur area, where the local police detained them for engaging in protests. The protesters allege that false charges of online fraud were imposed on them as a means to suppress their voice against the alleged scam.
According to reports, individuals invested an initial amount of Rs. 300 in joining the platform through the mobile app. Upon watching advertisements daily, they were promised a daily income of Rs. 4 credited to their bank accounts. The company also offered additional income opportunities by recruiting others into the system.
MyV3 Ads claimed that participants could earn up to Rs. 400 per day by watching advertisements. Additionally, referring others to join the platform was said to increase their income further. The company enticed participants with the promise of earning lakhs of rupees through its MLM structure.
Amid these allegations, Anand, the CEO, is facing charges of orchestrating a fraudulent scheme and misleading the public. The police have intensified their investigation into MyV3 ads, aiming to uncover the truth behind the accusations.
In response to the escalating situation, Anand, who had previously evaded questioning, presented himself before the Coimbatore City Police for an inquiry. The investigation is ongoing, and authorities are working to ascertain the extent of the alleged scam perpetrated by MyV3 Ads.