Stocks
Dabur India reports strong Q4 results, confident for FY14, says Nomura

FY14F looks poised to be a year of strong profit growth, says Nomura Equity Research in its Quick Note on Dabur India

Dabur India reported solid results for the fourth quarter of FY13, with volume growth of 12%, which was a key positive. Margins improved by 120 basis points (bps), which was ahead of Nomura’s and consensus expectations. The management was confident of delivering robust volume growth and an improvement in margins in FY14F. Q4FY13F results gives confidence that some of the disruptions as a result of the revamp of the distribution system are now firmly behind and FY14F looks poised to be a year of strong profit growth. These observations were made by Nomura Equity Research in its Quick Note on the company’s performance.

 

Key highlights from Dabur’s Q4FY13 results

  • Revenue growth for the quarter was at 12.3% to Rs15.3 billion. This compares with Nomura’s estimates at Rs15.95 billion and consensus at Rs15.65 billion.
  • EBITDA margins came in at 17% versus Nomura’s forecast of 15.7% and consensus at 16.7%. This was a positive surprise.
  • Net income came in at Rs2.06 billion compared to the brokerage’s forecast of Rs1.94 billion and consensus at Rs1.99 billion.
  • Gross margins are +190bps y-o-y, which is a sportive and similar to the other consumer companies which have reported thus far. This is likely to be a positive across the sector in H1FY14F.

 

 

In segmental performance, Dabur’s consumer care business revenues rose 13.1% to Rs12.9 billion with margins improving by 10 bps y-o-y. Foods business revenues improved 19.4% with margins down 300bps. The Real brand delivered market share gains.


As per the management’s conference call, post-results:

  • Improvement of the distribution platform is now complete and has helped improve the volume growth trajectory. The company expects to benefit from this in the medium term as it helps to improve product mix across stores.
  • Skin care is the most discretionary segment within the HPC (home and personal care) portfolio and should continue to remain sluggish in the near term. This is similar to comments from Hindustan Unilever and shows that there are parts of the portfolio which will continue to be weak in H1FY14.
  • Namaste business has had a disappointing year, but given the changes to the management team, the company appears confident that FY14 will shape up better than FY13. However, this could be more back ended in FY14, so the first couple of quarters could continue to be soft.
  • The management is confident of taking price increases if required. However, given the benign input cost environment, outlook for price increases is more cautious. Management is now looking for price increases to the tune of 2%-3% in FY14, as against its earlier expectation of 4-5%.
  • On gross margins, the company expects c.100-150 bps improvement in FY14 on a y-o-y basis. This is a strong positive as it not only means that the management will have more levers to make investment in A&P, but also shows strong visibility on the input cost environment.
  • CSD channel has not yet returned to normalcy. However, the channel itself has adjusted to lower inventory levels, and going forward, the channel is likely to grow at the same pace as the domestic business but margins will be impacted negatively.
  • A&P to sales ratio is likely to be close to 13%, but as always, this is going to be volatile on a quarterly basis. The management remains confident that 13% level gives enough room to help support their brands in the domestic business.

Volume growth guidance for FY14F should continue to be 8%-12% as in most years. But for FY14F, management expects to come in at the top end of that guidance, which is a positive.

User

40% buildings in Mumbai do not have OCs. Will axe fall on them?

All those responsible for constructing illegal buildings often get away scot-free and the end user has to pay the price. If at all the government is keen on demolishing illegal buildings, why not start with unsafe buildings first instead of bringing down sound structures, asks Ramesh Prabhu

Hapless settlers evicted with nowhere else to go, living in illegal buildings, thanks to builders who flouted the laws, may become the norm across the Mumbai Metropolitan Region. The residents of the 35 illegal floors at the Campa Cola Compound, situated in upscale Worli in central Mumbai, are a case in point. The Supreme Court on Thursday gave a temporary reprieve to these families and gave them five months to vacate their flats.

 

However, this would well be the fate of residents of over 40% buildings in Mumbai, who do not have the mandatory occupation certificate (OC) from the BrihanMumbai Municipal Corporation (BMC). “It is reckoned that at least 6,000 buildings across Mumbai are paying double money for municipal water, which means they are not authorised. Many unauthorized structures are routinely regularised on payment of penalties... but there are many more that are not yet regularised for various reasons. Will the axe fall on them also? In addition, why only Mumbai? What about Thane, Mumbra and Ulhasnagar where thousands of unauthorised (and often unsafe) structures are standing—a disaster waiting to happen?” asks Ramesh Prabhu, chairman of the Maharashtra Societies Welfare Association (MSWA).

 

He said, “In all these places, builders have sold the flats, made off with the life savings of crores of families—worth several thousand crore rupees. Dozens of members of Parliament (MPs), members of legislative assembly (MLAs) and corporators from all political parties as well as civic officials are accomplices of these builders.”

 

Between 1981 and 1989 seven high rise buildings were constructed at the Campa Cola Compound. While the builders have permission to build only five floors, they constructed several floors above. For example, one of the buildings Midtown has 20 floors while Orchid has 17 floors. Needless to say all floors above the permitted five floors are illegal. Unfortunately, it is the buyers of such flats, who have to pay the price for illegality committed by the builder and developer.

 

“As it happened with the three builders of the seven buildings of Campa Cola Compound, developers perpetrate the crime and usually go scot-free. Thousands of architects and contractors who mastermind such unauthorized buildings will also never be caught. The municipal officials, state government bureaucrats and police officials who turned a blind eye to the goings on are unlikely to be punished,” said Mr Prabhu.

 

He said, when the comes to for buildings to be demolished, it will be you and me—the common man—who will be running helplessly from pillar to post like the residents of Campa Cola Compound are doing today.

 

Mr Prabhu admitted there are no easy solutions for the illegal buildings menace and to get rid of all such structures, a major surgery is required across the Mumbai Metropolitan Region.

 

“However,” he said, “may I humbly urge the state government and legislature to frame a humane policy to deal with unsafe buildings first, before demolishing sound structures like the Campa Cola buildings? May I humbly urge Maharashtra government to avoid shirking its responsibility, and letting municipalities take their own decisions?”

 

“If a comprehensive and humane ‘demolition policy’ is not framed, a humanitarian crisis looms large before at least 40% of us in the years to come. Until such a policy is framed, I cannot help feeling that we all are Campa Cola building residents, waiting for our houses to be demolished for one reason or another,” the chairman of MSWA added.

 

Recently, an illegal building in Thane collapsed killing many people. Moneylife had written an extensive report over here and here.

User

COMMENTS

Prafull Khopkar

6 months ago

How About a Situation when you buy a Flat In a Society, Apply for a Housing Loan, having tenure of say 10 or 20 years, and very honestly repay the loan over the years without missing a single instalment, after 25 years you come to know about the land on which the society building is standing is taken away notionally by Maharashtra Govt by virtue of ULC Act, in spite of building having IOD, CC which is granted much before than the date on which ULC Law is applied and Land is Acquired by Maharashtra Govt ?

Prafull Khopkar

6 months ago

What is Urban Land Ceiling Act ? Why was it introduced and When ?

Prafull Khopkar

6 months ago

All the Buildings which does not have OC In Mumbai should be demolished ? Why OC is not Granted ? What are the Hurdles ? What is an alternative ?

Emerging Voice

4 years ago

Hiranandani Powai is a classic case. Bombay HC had directed BMC not to issue OC to any new bldgs nor permit new bldgs to be approved till Hiranandani Pays penalty. But BMC went to sleep. The new Bldgs are fully occupied wout OC (Next to Forest Club). Most of the residents own Audi, MERC, BMWs. Bldg is well lit. So BMC can't be blind to all this but money covers BMC eyes. Who will bell such cats??

sunil

4 years ago

Not having occupation certificate does not necessarily means that the structure or building is illegal.there are many buildings which have OC,but have also illegal alterations,additions,more than permissible fsi or constructed space.All corporations should check whether building consructed is as per sanctioned plans and issue OC if no violation has taken place.

Srinivas

4 years ago

The truth is that all of us have become "bakras" of the system - just because we are well fed and being taken care of, we forgot that the day of reckoning is only a year away at max.

When prices kept going higher and higher, we were so happy - not realizing that one day the same phenomenon would hit us badly - our children cannot buy houses in our areas anymore, they have to go 20 kms away and then slog their entire life to repay the EMI. But they will be happy doing so, as the perceived value of their house is so high !

So the conversion of need for housing became greed for housing - and naturally builders, netas, municipality officers, all of them got together to exploit this greed !

You created a bunch of rakshasas when you let loose the raskhas ( in this case, greed ) in you !

rashida

4 years ago

I agree with Mr.Purohit. why should a common man suffer for no fault of his. Many people take bank loans and it is assumed that banks verify all the details and then sanction the loan and those buyers buildings also do not get oc.who is the culprit?

Shadi Katyal

4 years ago

Why is Mr. Prabhu being so discrminatory or as it is a practice in India that those who have money and can grease the palms will go scot free.
India is one of the nationsw where Laws have no meaning as one can ignore,good example of these building, bend it and if all fails buy it.Why are we so lawless society?
It is not only in this case but look around how quickly we burn,destroy the public properties. What do we get out of such acts?
All buildings which are unlawfully constrcted should be brushed with same paint

REPLY

Sachin Purohit

In Reply to Shadi Katyal 4 years ago

"All buildings which are unlawfully constructed should be brushed with same paint". But then the construction business is so non-transparent, that as a buyer, you do not know about the breach of laws the builder must have committed before you have bought the house with all your hard-earned savings. Let the builder be punished for the illegality. Why punish the buyer? He already got cheated by the builder. Now the system will also punish him?! First, the authorities need to punish themselves. Arrest those who allowed the illegal construction to take place. Then, check the condition of the building. If the structure is weak enough to be a threat to its tenants, evict it by all means, but after compensating them at least to the extent of the money spent by them. As for the buildings whose structure is strong enough, there is nothing else to do but to legalize them and then, make sure that such mess does not get repeated henceforth.

MMM India, QNet ‘cult’ growing. Why government is dragging its feet in tackling this MLM menace?

EAS Sarma, former secretary to GoI has questioned the non-action from the government on the growing menace of multi-level marketing (MLM) and money-circulation schemes, which are duping lakhs of gullible savers

When Moneylife wrote about a ponzi scheme founded by a convicted Russian fraudster, Sergey Mavrodi, which was luring thousands of Indians to follow its ideology of ‘trust’ and help one another, we were in for a surprise. Our article has unleashed a barrage of intemperate responses that seem straight from the followers of the Mavrodi. In typical cult-like fashion, they claim to be creating a parallel universe with their own currency known as ‘Mavro’ named after the founder who conceived the system. The Bitcoin drama is obviously being re-enacted with another coin and currency.
 

We forwarded details of this to EAS Sarma, former secretary to the Government of India (GoI), who has helped raise several issues with the Prime Minister’s Office as well ministry of corporate affairs (MCA) and the finance ministry.“As I write this letter, a vigilant Andhra Pradesh police has arrested Gopal Shekhawat of NMart. A Russian company, MMM India has already spread its tentacles into every nook and corner of India with a virtual currency, dubiously attractive incentives and agents to push through the scheme to cheat the gullible households.  The ubiquitous ‘Q Group’, changing its name like a chameleon changing its colours, continues to swindle the people unhindered, as evident from media reports,” Mr Sarma said in a letter to Naved Masood, secretary, MCA.
 

He said, “Why is the government dragging its feet in tackling this menace? Are influential politicians involved in these MLMs? I suggest that your ministry (MCA) takes the initiative, though highly belated, to form a task force consisting of Serious Frauds Investigation Office (SFIO), Enforcement Directorate (ED), State Police and other investigating agencies to detect these multi-level marketing (MLM) well in advance and bring them to book before they cause any large damage. “
 

“The moment any company is found to be either registered or unregistered, offering unduly high incentives, it should trigger action on the part of the task force. As an immediate measure, the examples I have given, especially, MMM India and Q Group of companies, should be investigated speedily,” Mr Sarma said in this letter.
 

While Bitcoin was created to solve the mathematical solution to double-counting, it grew into a separate currency and system altogether and its value has skyrocketed as more and more people, investors and enthusiasts jump into the bandwagon and started transacting in the virtual currency. We had written, in detail, a primer on Bitcoin for those who are not familiar with it, in an accessible manner over here. The reason people took to Bitcoin, apart from its meteoric rise in value is because there is no regulator to control the currency unlike fiat currencies which get depreciated. However, recently, the Bitcoin has come under attack after hackers managed to penetrate into some of the Bitcoin e-Wallet sites, which caused them to shut down and stop offering Bitcoins for sale.
 

Similarly, the Mavro, the virtual currency transacted by so called ‘Mavrodians’ (i.e. those who have enrolled into MMM India), eerily resembles Bitcoin in the in many ways. Firstly, like Bitcoin, there is no regulator for it. MMM India website says, “In terms of legislation, MMM INDIA  is an ephemeral combination of letters and numbers. MMM INDIA is an idea, a concept, and nothing more. There are no offices, no sales centres, no cash payments etc.” Secondly, like Bitcoin, participants simply transfer cash from one to another party through the internet using virtual currency. In order to acquire the currency, real currency must be paid first.
 

However, there is one catch, and an important one at that: exchange rate. While Bitcoin is market-determined and entirely prone to hackers, the Mavro is not market-determined at all. In fact, one man controls it.
 

The value or the rates of the Mavro currency are decided by none other than Sergey Mavrodi himself. He gets to decide how much the currency is worth and how much can be redeemed and has power to reset the entire system, and so on and so forth. He also gets to decide when to freeze redemptions. According to the MMM India website, it states: “Just like regular currency, MAVRO has two different ‘exchange rates’, one for ‘selling’ and one for ‘buying’. Each participant can ‘sell’ or ‘buy’ MAVRO, according to the ‘rates’. ‘Purchase’ and ‘sale’ of MAVRO are carried out by special automatic software on the official website”. The most important part is this, which is also stated on MMM India website: “These ‘rates’ would be established personally by Mr Sergey Mavrodi. Twice a week, on Tuesdays and Thursdays, and, supposedly, would be growing continually.”
 

Recently, Sergey Mavrodi had reset the value of the Mavro, thus shortchanging many so called ‘Mavrodians’, who will see that 95% of their virtual money in the system will be “frozen” leaving only 5% available for redemption. In other words, if you have, say 100 Mavros in your account, you will be only able to redeem five Mavros. Sergey Mavrodi explained the cause for the reset: “Despite the huge influx of new participants, wanting to give help, the number of people and most importantly the amount with which these people wanted to ‘GET HELP’ was much much more”.  
 

He said, “Therefore, I declare the restart of MMM in India. Mavro of all participants will be recalculated as next: total amount of purchased confirmed Mavro minus total amount of withdrawal, plus 10%. This is to ensure from our side that all who have not yet received help - will get it for sure.” Needless to say, 95% will still be locked and frozen and it is not known when they can redeem the full value, if at all.
 

As of now only the 30% Mavro is being offered now (i.e. 30% returns as opposed to 40%). He even goes on to say, “By the way, 30% is also not a joke! This growth is approximately 10 times after nine months. Where and who is paying this type of percent?”
 

Surprisingly, the same Mavrodi froze operations of MMM-2011 in May 2012. In January 2011, he launched MMM-2011 frankly describing it as a pyramid adding, “It is a naked scheme, nothing more ... People interact with each other and give each other money. For no reason!” Within 17 months, Mavrodi announced that there would no more payouts in MMM-2011. This can well be the fate of MMM India as well.
 

This is exactly “too good to be true” that savers ought to avoid at all cost. Of course, when there is no regulator to govern the currency, anything can happen.

User

COMMENTS

gurupreet

4 weeks ago

QNET VICTIMS please beware of this shady character one Mr. Rafiq whose posing as an "High Court Advocate & RTI Activist" at various online web sites.

This guy is a sweet talker and will promise you refund from QNET if you appoint him as an advocate, he is doing nothing but cheating your further...here is his modus operandi...

He also claims to be behind several actions that have been taken place by mumbai police and FFVA but the FACT remains that he has nothing to do with any of these actions being taken all over India.

He will convince victims to appoint him as an ADVOCATE and thereafter tell victims to deposit Rs 50,000 in various bank accounts to show that he has been apponited.

He will promise that he will return back the money after showing that to QNET office but the FACT remains that after the money is transferred he will stop recieving your calls and vanish .

We have recieved multiple complaints against this FRAUD, please BEWARE you all have already been cheated dont get cheated again.

For your REFUNDS only follow the correct and LEGAL way to get your refunds along with compensation, for more info do drop us a email at [email protected]

FFVA i.e Financial Frauds Victims Association has been formed to help and provide legal aid to victims of QNET SCAM.

http://www.mid-day.com/articles/qnet-forms-financial-fraud-victims-forum-scam-gurupreet-singh-anand/17659179

Please stay away from crooks and fight for your legal rights in correct and proper way.

Regards
Gurupreet

gurupreet

5 months ago

GOOD NEWS...QNET VICTIMS IN MUMBAI...DEDICATED QUESTIONS & ANSWERS SESSION FOR QNET VICTIMS on Sunday 18th September 2016.

Ever since you lost your hard earned money in QNET SCAM, you all have multiple questions and facing multiple issues like :

1. Where and whom to approach for recovering your hard earned money?

2. How to help fight and stop this QNET SCAM?

3. How to teach your CHEATER UPLINES a lesson?

4. Issues regarding the “so called” “REFUND POLICY”.

5. Are you eligible for “Compensations”?

6. Issues regarding action buy police authorities.

7. What is the status of the court cases etc.

These are an example of just a few issues and concerns you are facing, but there is GOOD NEWS for you all. We have been working overtime to try and bring an end to these woes and issues faced by Victims of Financial Frauds like this QNETSCAM.

So guys and girls tomorrow is the BIG DAY finally , Please do join us tomorrow (Sunday) afternoon at 1.30 PM sharp at Andheri east, outside Sarangi Restaurant (Just 1 minute from the Andheri station on the east side).

Please do come and also inform other victims of the QNETSCAM.
Tomorrow (Sunday) afternoon sharp 1.30 PM, outside Sarangi Restaurant , Andheri-east, Mumbai.

Please note we have limited seats, first come first served basis allotment..so make sure to reach in time __/\__ . You can contact on 7498063701 in case of difficulty in locating us :)

Jai Hind.

gurupreet

5 months ago

GOOD NEWS...QNET VICTIMS IN MUMBAI...DEDICATED QUESTIONS & ANSWERS SESSION FOR QNET VICTIMS on Sunday 18th September 2016.

Ever since you lost your hard earned money in QNET SCAM, you all have multiple questions and facing multiple issues like :

1. Where and whom to approach for recovering your hard earned money?

2. How to help fight and stop this QNET SCAM?

3. How to teach your CHEATER UPLINES a lesson?

4. Issues regarding the “so called” “REFUND POLICY”.

5. Are you eligible for “Compensations”?

6. Issues regarding action buy police authorities.

7. What is the status of the court cases etc.

These are an example of just a few issues and concerns you are facing, but there is GOOD NEWS for you all. We have been working overtime to try and bring an end to these woes and issues faced by Victims of Financial Frauds like this QNETSCAM.

So guys and girls tomorrow is the BIG DAY finally , Please do join us tomorrow (Sunday) afternoon at 1.30 PM sharp at Andheri east, outside Sarangi Restaurant (Just 1 minute from the Andheri station on the east side).

Please do come and also inform other victims of the QNETSCAM.
Tomorrow (Sunday) afternoon sharp 1.30 PM, outside Sarangi Restaurant , Andheri-east, Mumbai.

Please note we have limited seats, first come first served basis allotment..so make sure to reach in time __/\__ . You can contact on 7498063701 in case of difficulty in locating us :)

Jai Hind.

jitu moni

6 months ago

http://timesofindia.indiatimes.com/city/hyderabad/4-persons-associated-with-MLM-company-arrested/articleshowprint/54204335.cms?null
Four persons, who were associated with Hong Kong-based QNET, a multi-level marketing (MLM) company, and duped 200 persons by promising them jobs, were arrested by Central Crime Station (CCS) officials on Thursday. However, the MD and directors of QNET and its sister company Vihaan Direct Selling are still at large.


Deputy commissioner of police (CCS) Avinash Mohanty said Sreenath Konda, Prasanna Kumar Reddy, V Kanchana, B Dhan Raj were arrested from different locations in the city for cheating people.


Police said the accused had been enrolling gullible people as agents by collecting Rs 10 lakh from a group of 10 persons.


Each person would be given status of promoter, direct them to attract a group (i.e., 10 persons) and make them join QNET by paying Rs 10 lakh, for which the promoter would be assured commission.

jitu moni

7 months ago

http://www.newsambit.com/eow-of-delhi-police-registered-case-against-qnet-india-and-its-irs/
NewsAmbit, New Delhi
Delhi Police Economic Offence Wing(EOW) has registered an FIR against QNET India/Vihaan Direct selling India Private Limited and its three independent representatives on the allegations of cheating and fraudulently operating the multi level marketing, which is illegal in India. Police have initiated the investigation and suspecting huge scam, which is estimated in crores.
A senior Police officer of EOW said that we received a combined complaint against QNET India and its three independent representatives from more than dozen of people in the month of March this year. As per the allegations of main complainant Anuj Jain alleged that his friend Himashu Aggarwal approached him for an business opportunity. He said that he is an independent representative(IR) of an e-commerce based company. He said that he can arrange an meeting with the other IR’s who will tell you about the business and if they find you suitable you will get chance to be a part of the company. After few days Himanshu called Anuj Jain to come with a CV at a café situated in Nehru Place area on 29 November 2015. Anuj reached there, where he met with Himanshu and his to associates Anita Jaggi and Kanika. Trio told him about the business profile and also assured that this is not a networking marketing company. They demanded Rs 6.5 lakh to be a member of the company. They also said that company has millions of customers. IR of the company is treated as a partner and also got the profit share for each sale. After three four days Anuj gave them 6.5 lakh rupees but after some time he got to know that this is a multi level marketing company and fraudulently cheating innocent persons by roping them in it’s banned business with the help of IRs.
Police said that Anuj is not the only complainant so many more complainants also approached to EOW. After which a preliminary enquiry had conducted. It was found that some persons who are termed as IR contact their friends and close persons to join a new e-commerce business. They don’t tell the name of the company or complete business module at the beginning. After alluring them they set various amounts from the victim. Independent Representatives(IR) get training during the joining and talk to make further members. These kinds of IRs of the company are operated from different cafes and food courts situated in Delhi and NCR.
Those who join the company get user id etc and products like ravel packages, some other items etc are shown purchase from their money. The delivery address given in the portal is also found of overseas area most of the time and mostly that address is too fake type location only which shows that no products are being sold and it is a completely a money circulation scheme. Two websites were found involved in the namely www.unetindia.in and www.cmetindia.net were found mated to Vihaan Direct selling (India) Pvt ltd which is stated Indian Franchisee of Hong Kong based net company. Investigations are on. Police are trying to unearth the whole network of the IRs on which this company is running its business unlawfully in Delhi. A case has been registered u/s 420/120B/34 IPC and 4/5/6 of Prize Chits and money circulation Schemes(Banning) Act,1978 .

Profiles of IRs
Himashu works with Samsung
Anita Jaggi works with RBS

jitu moni

9 months ago

Bluru QNet agent who earned 50L a yr as commission held
Mumbai: The Economic Offences Wing (EOW) has arrested Ram Singh, an accused in the Rs 1,000 crore QNet case, for earning Rs 50 lakh or more as commission each year from proceeds of the crime.

Singh, a Bengaluru resident, was arrested last week after the imigration authorities at Bangalore airport detained him over a look out circular notice (LOC) issued by the Mumbai police. "We are going through all his bank account details and trying to ascertain the source of money to his account," said DCP Pravin Padwal of the EOW.

Singh's name had cropped up during the initial investigation in 2013 but the police could not locate him then. In January 2015, a police team visited his Bengaluru residence but did not find him there. The house was locked. He is the 19th accused to be arrested in this case so far.

"We are working to arrest all the culprits in this case. A special investigation team has been formed to nab the othe accused invovled," said Dhananjay Kamalakar, joint police commissioner, EOW. Singh, said police sources, has been sending money to his daughter who is studying in Canada. "We have to know his source of income. He has sent a major chunk of money to Canada. We suspect this money was gained from QNet. Moreover, he was looking after the QNet business in Dubai and has been shuttling between Dubai and India. We got his passport number late. Soon after getting it, we issued an LOC notice and he was detained," said an officer.

A special MPIDA court in February this year rejected the anticipatory bail plea of Michael Ferreira (77) winner of the World Amateur Billiards Championship and a Padma Bhushan recipient, and four others, Malcom Desai, Vanka Srinivas, Maganlal Balaji, all directors of M/s Vihaan Direct Selling (India) Pvt Ltd and Suresh Themiri, director Transview Enterprises. They all have approached the high court now in the QNet case.

"They posed as a marketing firm which would sell bio-discs, watches, herbal products, holiday packages, etc. They even claimed that by using the bio-disc, one can cure cancer and brain diseases," cops said. Some money has been transferred to Malayasia, Singapore and Hong Kong, too, cops added.

jitu moni

10 months ago

Mumbai police seeks Zee business help in probe of QNet
https://http://www.youtube.com/watch?v=RabPkRNutwU

jitu moni

10 months ago

The fight against the Qnet scam wheré more than 7000 crores of rupees has been laundered out to foreign shores from India has just got bigger.

The Saradha Scam which started mainly in Bengal looks relatively smaller compared to the Qnet scam which had defrauded people across various cities like Mumbai,Delhi,Bangalore,Hyderabad etc for over a period of 10 years.

To unite and protest against this MLM scam plaguing India, all victims,activists, are requested that they gather outside Holy Family church,Hill Road,Bandra West at 10.30 A.M. tomorrow 24th April,2016.

Various press and media agencies will be present to cover the event meet and address grievances to authorities.

The current government has taken note of the Qnet scam and matter will be taken up at upcoming Parliament session.

All Indians are cordially invited to support the cause and join in the protest. We need to end the scam by spreading awareness and recover the money taken away by the scamsters.

A request to all to please forward this message on Facebook, twitter and WhatsApp groups... Jai Hind

Agyat Vyakti

12 months ago

Off the topic. This is just for awareness.. Qnet and MLM are using friends and relatives to dupe you... You may like to read Qnet modus operandi with screen shots and facts and how to avoid them here ... Please share for public interest.. Qnet Scam in delhi by Ashwin Baluja and Prithvi Raj Grover http://qnetindiascam.blogspot.in/

jitu moni

1 year ago

http://www.moneylife.in/article/qnet-mpi...
The special court has rejected anticipatory bail applications of two directors of Vihaan, Suresh Thimiri of Transview as well as Malcolm Desai and Michael Ferreira, the stakeholders of Vihaan that handles QNet's MLM operations in India

The special Maharashtra Protection of Interest of Depositors (MPID) Court on Tuesday rejected anticipatory bail applications of five accused in the multi-crore QNet scam. This includes, Srinivas Rao Vanka and Magaral Veervalli Balaji, both directors of Vihaan Direct selling (India) Pvt Ltd, Suresh Thimiri, director of Transview Enterprises India Pvt Ltd, Malcolm Nozer Desai, who is 20% stakeholder in Vihaan and Michael Joseph Ferreira, former world champion of billiards and 80% stakeholder in Vihaan.
The Economic Offences Wing (EOW) of Mumbai Police, which is probing the case, had invoked the stringent MPID Act against controversial multi-level marketing (MLM) company QNet, which has denied any wrongdoing on its part.

Transview Enterprises is an associate company of Vihaan Direct Selling Pvt Ltd that handles QNet's multi-level marketing (MLM) operations in India since 14 April 2012. Vihaan Direct Selling, in which Michael Ferreira, the former world billiards champion, owns 80% stake, is a direct selling agent of QNet and had done large financial transactions with Thimiri's company Transview.

The EOW had booked several accused including the former world champion of billiards and five companies related with QNet, under the MPID Act. This means all the cases against QNet, Vihaan and all those involved in the MLM scam would be heard before the special MPID Court. Until now, the accused were being investigated for cheating and forgery under the Prize, Chits and Money Circulation Schemes (Banning) Act 1978, and for money laundering by the Enforcement Directorate (ED).

In February 2014, the ED registered a case under the prevention of money laundering act (PMLA) against QNet, Vihaan Direct Selling, Ferreira and QNet founder Vijay Eswaran and three other independent representatives (IRs) of the MLM operator.
Gurupreet Singh Anand, a computer consultant from Lokhandawala, Andheri in his first information report (FIR) stated that his wife was duped for Rs30,000 by some people who had introduced themselves as the independent representatives (IRs) of QNet. Anand told the police, “They (IRs) had said that one of the bio-products my wife bought could be used to treat my 12-year-old son's brain-related diseases.”

jitu moni

1 year ago

http://timesofindia.indiatimes.com/city/...
MUMBAI: Investors who lost their money in major scams and multi-level marketing's cheating cases can heave a sigh of relief now. The state government has appointed 49 new competent authorities (CAs) to take decision in as many as 101 cases regisered under the strinent law, The Maharashtra Protection of Interest of Depositors (MPID) Act. This will help to dispose of as much as Rs 10,000 crore of investors that is stuck in over a hundred cheating cases' legal battle.

Earlier, the city economic offences wing (EOW) had only two competent authorities. "CAs will proceed with the procedure of disposal of properties and realisation of money for repayment to the investors. It will expedite the process of recovery and will help the victims who have been cheated to get their money back," said Dhananajay Kamalamakr, joint commissioner of police and EOW chief.

The big cases where these CAs will focus first include the cheating cases incluidng National Spot Exchange Limited (NSEL), QNet, SpeakAsia, fixed deposit scam led by Sheesha lounge owner Mohammed Fasih and the Mumbai District Cooperative Bank. SpeakAsia alone has over 24 lakh investors. The money lost in this case is over Rs 2,276 crore while investors' over Rs 6,000 crore is stuck in the NSEL case.
TOI had on October 11, 2015 reported about that as many as 62 cases under the MPID act were pending in a city court due to non-appointment of a competent authority. While seized properties of the accused in all the above cases await disbursement among the victims, the city police has sent a proposal to the state for several amendments including the appointment of CA for a speedy return of public money, said police sources. More than Rs 10,000 crore public money is stuck in MPID cases in the city alone, they said.

"Earlier, non-appointment of competent authority defeated the objective of the enactment of the MPID Act," said an EOW officer. While an investigating officer probes the criminal part of a case, the civil aspects such as the attachment of properties, sale-realization of properties, and disbursement of sale proceeds to the victims are exclusively in the domain of the competent authority who is a revenue officer of deputy collector rank.

"It is observed that competent authority has been appointed in 23 cases in the city MPID cases earlier, notification of the properties in the official gazette is yet to be published. Hence, it would be better to have CAs with independent portfolio for MPID cases," said a senior IPS officer.

Major cases where the appointment of competent authority will give relief to investors:

· NSEL Rs 6,000 crore
· SpeakAsia Rs 2,276 crore
· QNet Rs 425 crore
· FD scam Rs 325 crore
· Mumbai District Cooperative Bank Rs 119 crore

jitu moni

1 year ago

http://timesofindia.indiatimes.com/city/...
MUMBAI: Investors who lost their money in major scams and multi-level marketing's cheating cases can heave a sigh of relief now. The state government has appointed 49 new competent authorities (CAs) to take decision in as many as 101 cases regisered under the strinent law, The Maharashtra Protection of Interest of Depositors (MPID) Act. This will help to dispose of as much as Rs 10,000 crore of investors that is stuck in over a hundred cheating cases' legal battle.

Earlier, the city economic offences wing (EOW) had only two competent authorities. "CAs will proceed with the procedure of disposal of properties and realisation of money for repayment to the investors. It will expedite the process of recovery and will help the victims who have been cheated to get their money back," said Dhananajay Kamalamakr, joint commissioner of police and EOW chief.

The big cases where these CAs will focus first include the cheating cases incluidng National Spot Exchange Limited (NSEL), QNet, SpeakAsia, fixed deposit scam led by Sheesha lounge owner Mohammed Fasih and the Mumbai District Cooperative Bank. SpeakAsia alone has over 24 lakh investors. The money lost in this case is over Rs 2,276 crore while investors' over Rs 6,000 crore is stuck in the NSEL case.
TOI had on October 11, 2015 reported about that as many as 62 cases under the MPID act were pending in a city court due to non-appointment of a competent authority. While seized properties of the accused in all the above cases await disbursement among the victims, the city police has sent a proposal to the state for several amendments including the appointment of CA for a speedy return of public money, said police sources. More than Rs 10,000 crore public money is stuck in MPID cases in the city alone, they said.

"Earlier, non-appointment of competent authority defeated the objective of the enactment of the MPID Act," said an EOW officer. While an investigating officer probes the criminal part of a case, the civil aspects such as the attachment of properties, sale-realization of properties, and disbursement of sale proceeds to the victims are exclusively in the domain of the competent authority who is a revenue officer of deputy collector rank.

"It is observed that competent authority has been appointed in 23 cases in the city MPID cases earlier, notification of the properties in the official gazette is yet to be published. Hence, it would be better to have CAs with independent portfolio for MPID cases," said a senior IPS officer.

Major cases where the appointment of competent authority will give relief to investors:

· NSEL Rs 6,000 crore
· SpeakAsia Rs 2,276 crore
· QNet Rs 425 crore
· FD scam Rs 325 crore
· Mumbai District Cooperative Bank Rs 119 crore

jitu moni

2 years ago

QNET multi-level marketing scam busted in Vijayawada - Tv9

https://http://www.youtube.com/watch?v=Plsdlh0FBkU

jitu moni

2 years ago

Lets spread it friends

http://www.business-standard.com/article...

Two top representatives of QNet, a Hong Kong-based multi-level marketing company allegedly involved in a Rs 425-crore fraud here, were arrested today after being picked up from Delhi international airport, police said.

The controversial company's senior independent representatives, identified as Sandeep Kalra and Hitesh Miglani, were intercepted by immigration authorities at the Indira Gandhi International Airport at Delhi last night, said an officer with Mumbai Police Economic Offence Wing (EOW).

The duo, who arrived from Dubai in separate flights, was stopped at the airport as Look Out Circulars (LOC) were issued against them by the EOW probing the case.

The two suspects, who were suspected to have had pocketed lakhs of rupees through the scheme and organised several training camps to lure investors, have been subsequently brought to the metropolis and placed under arrest this evening, police said.

The LOCs have been issued against those whose statements have been necessitated in the probe but did not appear before the investigators despite summons.

Kalra hails from Delhi while Miglani is from Bangalore, police said adding that this is the first arrest of those against whom LOCs had been issued.

The EOW had earlier arrested 15 persons for allegedly duping investors by selling QNet products, including magnetic disks, herbal products and holiday schemes, through allegedly fraudulent means.

The EOW has invoked the stringent Maharashtra Protection of Interest of Depositors (MPID) against the company which has denied any wrongdoing on its part.

QNet has also been accused of using the banned binary pyramid business model. An FIR in the case was registered in August in 2013.

The accused had been charged with cheating and forgery under relevant sections of the Prize, Chits and Money Circulation Schemes (Banning) Act, 1978.

Aditya Kumar Pathak

2 years ago

What is your problem with MMM India. It is not company just people helping each other through a medium that is provided by MMM

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