Multi-level marketing company “GoldQuest” said that its Managing Director Pushpam Appalanaidu, who was arrested by the Chennai police on May 3, has been “wrongly” detained under the Goondas Act. It is given to understand that Pushpam Appalanaidu, managing director of GoldQuest India, has been detained under the provisions of the Goondas Act by the Chennai Police on May 24, 2008, for alleged “offences”. The company is waiting to receive the papers filed by the police in order to review & consider the implications entirely & will take all steps to vigorously defend & contest these charges.

“GoldQuest takes a strong view that no provision of the Goondas Act applies to Appalanaidu, who is a citizen of Malaysia,” it added.

“Gold Quest members will get money back”

Chennai Police has said that neccessary steps would be taken to get refund of deposits made by thousands of investors in the controversial Gold Quest International. Police said that they are speeding up the process to arrest the company’s managing director Vijay Eswaran, who is reportedly in Malaysia now. The Commissioner said as many as 17,348 complaints were filed against the firm.It is learnt that the company had cheated Rs 45 crore by collecting money from its members. Stating that the police found that Gold Quest had invested Rs 150 crore in share market police said that the steps are being taken to put that money on hold.

GoldQuest India Pvt Ltd is a product company incorporated in India, retailing a wide variety of products which are distributed via its marketing arm QuestNet India.