Google offers a form where you can report Paid and Spam links to Google and google can reset pagerank of such pages to 0 or at least will manually review the page. To do this -

1. go to your your Google webmaster account and in this form, enter paidlinks in additional details along with filling the url of the page at the top. From whatever I know, Google do manually review such complaints and take action including resetting the page rank.

2. If you don’t want to login into Google webmasters account, you can fill this form anonymously too though it is often considered that your complain with Google webmaster tool may carry more weight age.

I have many people using this tool to complain about their competitors which probably is kind of stupid, you don’t want to spend time in doing this, let Google do its job and you do your job of building more quality content pages for your readers.

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