The Hindu : Front Page : More properties of Quest Net seized

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Sunday, May 25, 2008
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More properties of Quest Net seized

Staff Reporter

CHENNAI: The police have seized properties valued at Rs. 47 crore, including cars and gold coins, from multi-level marketing Quest Net. This is in addition to the over Rs.3 crore worth of properties seized sometime ago.

Managing director of the company Pushpam Appala Naidu, who was arrested on May 2, has been detained under Goondas Act. Efforts are on to arrest Vijay Eswaran, the group managing director, who is abroad, Police Commissioner Nanchil G.Kumaran told mediapersons here on Saturday.

The seized properties included two luxury cars, 12 laptops, 87 kg of gold coins, 910 kg of silver coins, 8,372 gold watches, besides Rs.3.51 crore in cash.

Frozen

Bank lockers having cash and fixed deposits in various banks, totalling Rs.50 crore, have also been frozen.

Efforts are on to take possession of a building each in Hyderabad and Mumbai, valued at Rs. 32 crore, belonging to the company, besides documents pertaining to its investments in shares and mutual fund, to the extent of around Rs.200 crore. Nearly 17,350 complaints have been received by the police.

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