The My V3 Ads scam is one of the most devastating financial frauds to hit Coimbatore, spreading rapidly across Tamil Nadu, Kerala, and Karnataka. Thousands of innocent people, particularly in Tamil Nadu, have lost their hard-earned money in this deceptive Ponzi scheme. Estimates suggest that My V3 Ads defrauded victims of ₹2,000 to ₹3,000 crores. What started as a localized scam in Coimbatore has now impacted multiple states, causing untold misery to families and individuals who trusted the platform’s promises of easy money.
Even though the Managing Director (MD), Sakthi Anandh, is now in prison, the damage he and his company caused continues to impact many. Shockingly, despite the exposure of the scam and the arrest of the mastermind, some people still believe in My V3 Ads and are actively involved with the company, unaware or unwilling to accept that they are part of a massive financial fraud. This blog aims to shed light on the My V3 Ads scam, the ongoing legal battles, and why people must be cautious moving forward.
What is My V3 Ads?
My V3 Ads presented itself as a revolutionary way to earn money online by watching advertisements and referring others. The company promised hefty returns on investments, claiming that users could easily generate income without much effort. The platform offered referral incentives, further fueling its popularity, especially among people in Coimbatore and other parts of Tamil Nadu.
However, this was nothing more than a classic Ponzi scheme. Early participants received small payouts, which gave them confidence in the platform. As more people joined, drawn in by the allure of easy money, the scheme grew rapidly. People from Kerala and Karnataka also got pulled in, but the primary concentration of victims remained in Tamil Nadu.
How Did the My V3 Ads Scam Work?
My V3 Ads operated as a multilevel marketing (MLM) Ponzi scheme, with the promise of massive returns for completing simple tasks like watching ads and referring others to join. It followed a familiar pattern seen in many scams:
- Initial Small Payouts: Early users received good payouts, which gave them the confidence to invest more and refer others.
- Referral-Based Earnings: The scheme encouraged users to bring in more participants. For every person referred, users received bonuses, giving the illusion of easy money.
- Growing Investments: As the platform gained momentum, people invested larger sums, even taking loans or pawning valuables like jewelry, believing they would see enormous returns.
- Sudden Collapse: Once the company could no longer sustain the payouts, the platform collapsed, and thousands of people lost everything they had invested.
This pattern mirrors the operations of many Ponzi schemes that have preyed on vulnerable populations in the past. The promise of high returns and easy money led to widespread participation, but as with all scams, it was bound to implode.
The Arrest of Sakthi Anandh and His Failed Bail Attempts
Sakthi Anandh, the mastermind behind My V3 Ads, is now in prison, facing multiple legal charges for defrauding thousands of people. Despite his arrest, he and his legal team have repeatedly applied for bail, but their attempts have been rejected numerous times by the courts. The authorities have recognized the massive scale of the fraud and the potential risk he poses if released.
The Coimbatore police and Tamil Nadu legal system have been vigilant in ensuring that Sakthi Anandh remains behind bars, understanding the gravity of the scam and its impact on thousands of lives. The courts have consistently denied bail, seeing him as a flight risk and a potential danger to the public if allowed to roam free.
However, despite his imprisonment, there are still people who believe in the legitimacy of My V3 Ads. Many of these individuals are in denial, unwilling to accept that they’ve been scammed. Some continue to actively work for the company, either hoping for a recovery or still believing in its promises of wealth.
Why People Still Believe in the My V3 Ads Scam
Even after the exposure of the scam and the arrest of its mastermind, a disturbing trend has emerged. Some individuals remain loyal to My V3 Ads, holding onto the false hope that the platform will make a comeback. There are a few reasons why people still cling to this belief:
- Initial Payouts: The small initial payouts many received created a sense of trust and legitimacy. For those who benefited early on, it’s hard to accept that the entire operation was a scam.
- False Promises: The company used persuasive language and tactics to convince people that they were on the verge of massive financial success. The allure of easy money was too strong for many to resist.
- Denial and Hope: People often have a hard time admitting they were duped. For many victims, especially those who invested heavily, it’s easier to remain in denial than to face the harsh truth.
- Lack of Awareness: Despite the news coverage and warnings from authorities, not everyone is fully aware of the extent of the scam. In rural areas, especially in Tamil Nadu, some people are still in the dark about the fraudulent nature of the scheme.
The Scale of the Scam: Impact Across Tamil Nadu, Kerala, and Karnataka
While Coimbatore served as the epicenter of the scam, its reach extended far beyond. The My V3 Ads scam spread across Tamil Nadu, with large numbers of victims in cities like Erode, Madurai, and Salem. It also began to gain traction in Kerala, particularly in areas like Palakkad, though the impact was less severe. Similarly, some residents in Karnataka, especially around Bangalore and Mysore, also fell victim to the scheme.
However, the heaviest concentration of victims remains in Tamil Nadu, where people have lost millions. Many victims pawned family heirlooms, took out loans from local banks or women’s self-help groups, and even sold property to invest in what they believed was a guaranteed path to riches.
Preventing Future Scams: Lessons Learned from My V3 Ads
The My V3 Ads scam has left thousands devastated, and it serves as a powerful reminder to be vigilant when investing in any platform, especially those promising quick and easy returns. Here are some key lessons we can all take from this scam:
- If it sounds too good to be true, it probably is: High returns with little effort are a hallmark of scams. Always be cautious when something seems too good to be true.
- Do your research: Before investing in any platform, thoroughly investigate the company. Look for reviews, check if it’s registered with appropriate financial authorities, and see if there are any complaints filed.
- Avoid Ponzi schemes: Be wary of platforms that rely on recruitment or referrals for income generation. If a platform’s main source of revenue is bringing in new members, it’s likely a scam.
- Listen to warnings: Pay attention to news alerts and warnings from authorities about scams and fraudulent schemes. These alerts can help you avoid falling victim.
- Seek legal advice: If you’ve lost money in a scam, don’t hesitate to seek legal advice or join class-action lawsuits to try to recover your funds.
Conclusion: My V3 Ads Scam Continues to Haunt South India
The My V3 Ads scam has left an indelible mark on Coimbatore, Tamil Nadu, and beyond. With thousands of victims, the emotional and financial toll of this Ponzi scheme cannot be overstated. While the mastermind, Sakthi Anandh, is now behind bars, the consequences of his actions continue to ripple across South India.
As we move forward, it’s crucial to stay educated and vigilant about scams like My V3 Ads. The allure of easy money can often cloud judgment, but with the proper awareness and caution, we can protect ourselves from falling victim to such frauds in the future.
For more information on how this scam unfolded and tips on safeguarding yourself, check out my previous blog post: My V3 Ads: The Biggest Scam of 2024.
Also see these video’s:
https://www.youtube.com/watch?v=KLefHfbM8z8
