KOCHI: The Economic Offences Wing of the Crime Branch, which is probing the multi-crore money chain scam, has unearthed another fraud involving the scandal-hit Nano Excel Corporation Ltd.The Crime Branch has found that the company had made huge profits by selling imported goods to its members at exorbitant prices. As per the import data collected from the Central Board of Excise and Customs, the Crime Branch has concluded that the goods were imported from Hong Kong, China and Singapore and sold for more than 3 to 15 times their original price.Sources at the Crime Branch said they have traced the information from the import data of the Nano Excel company. “Goods ranging from watches, chains, bracelets to batteries were given as special membership offers. The original price of these goods, purchased from some of the Southeast Asian countries, ranges between $4-$10. But the company sold them here at prices varying from `5,000 to `7,000, and made big bucks. The net quantity of the goods has not been estimated, but we would get a clear picture after obtaining all the details of the imports made by the firm. According to Sunil Kumar, DySP, EOW, these average quality products were imported by airfreight via Bangalore. “The Nano Excel company used to operate by selling these products to its new members,” said Sunil Kumar.More than 400 cases related to money chain scams are being probed by the EOW, of which Nano Excel, headed by Harish Madineni, accounts for the majority of cases.
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