Moneylife was the only media company that wrote about LIC agents going overboard to push...
The Court in Mumbai asked former world Billiards champion Michael Ferreira to return to India, surrender his passport and appear before the EOW, which is probing the Rs425 crore QNet scam
A Session Court in Mumbai on Wednesday has directed former world Billiards champion Michael Ferreira to return to the city and surrender his passport and not to leave the country without the Court's permission. While granting interim relief to Ferreira till 31st January, the Court asked him to appear before the economic offences wing (EOW), which is probing the Rs425 crore QNet scam. Ferreira is one of the main accused in the multi-level marketing (MLM) scam.
Earlier this month, The economic offences wing (EOW) of Mumbai police has issued lookout notices against 10 people including Michael Ferreira, former World Billiards Champion and Padma Bhushan awardee, after he failed to turn up for questioning in the QNet scam case.
Ferreira was summoned by the EOW in connection with the Rs425-crore scam allegedly committed by multi-level marketing (MLM) operator QNet. The former world champion is founder of Faith, which was started as a distributor network under the QI brand.
Last month, while speaking with news channels, Ferreira, who has gone abroad some time back, had said he would appear before the investigators as soon as he returns to India. He even defended the controversial company. However, the former World Billiards Champion did not turn up before the EOW, which resulted in police issuing a look out notice against him.
QNet operates in India through its official franchisee Vihaan Direct Selling Pvt Ltd, which carries the company's brand name in the country. Ferreira owns 80% stake in Vihaan Direct Selling with Malcolm N Desai holding the rest. Desai had already approached the Sessions Court in Mumbai for an anticipatory bail fearing that the EOW may arrest him soon.
According to Faith Egypt, Michael Ferreira is the founder of 'Team Faith' that is involved in hard-selling QNet scheme. Talking about Ferreira, it says, "As an individual, in a very short space of time he (Ferreira) was in the list of the top 30 earners and under his astute stewardship he provided the platform, environment, guidance, training and inspiration to his flock, many of whom are earning incomes beyond their wildest dreams."
Showing a clear link between, Ferreira, QNet and its founder Vijay Eswaran (one of the accused in the cases against the MLM operator), the portal says, "The core leadership of Faith is today in a position to concentrate more sharply on those who still remain vulnerable to the “slings and arrows of outrageous fortune” so that each one of them develops into lead birds of their own teams, all fiercely loyal to Faith, its philosophy and its ideals and to the values espoused by its visionary and mentor Dato Vijay Eswaran."
The EOW has also received a complaint against Bollywood actor Boman Irani and his son Danesh in the QNet scam. The police are probing transactions worth Rs18 crore in Danesh's bank accounts.
The EOW has already registered a case against directors and officers of Vihaan Direct Selling (India) Pvt Ltd, QNet, Transview Enterprises Pvt Ltd and Vanmala Hotels & Tourism Services.
An all-women’s branch has been launched in Pune. Will this be of much use?