Money & Banking
Moneylife Foundation seeks more clarity on withdrawal and exchange of pre-2005 notes from RBI

On behalf of its 28,000 members and bank customers, Moneylife Foundation has sent a letter to the RBI governor seeking more clarification for exchanging old or pre-2005 rupee notes

In order to get more clarity on the currency notes withdrawal and exchange process, Moneylife Foundation, on behalf of its over 28,000 members and lakhs of bank customers, has sent a letter to Reserve Bank of India (RBI) governor Dr Raghuram Rajan. This follows an advisory from the RBI to withdraw all currency notes issued prior to 2005, including Rs500 and Rs1,000 denominations from 31st March, which however, has resulted in hardships for several people.


Despite the advisory from the RBI, several banks are not accepting old currency notes and instead are found advising customers to wait till further clarification from the central bank. Banks are even found refusing to exchange old (pre-2005) currency notes withdrawn from their own ATMs. Bank employees too are clueless about the whole exercise.


Last week, the RBI in an advisory has said, "After 31 March 2014, it (RBI) will completely withdraw from circulation all bank notes issued prior to 2005. From 1 April 2014, the public will be required to approach banks for exchanging these notes".


This has prompted Moneylife Foundation to send a memorandum to the RBI. "We believe that RBI needs to issues appropriate instructions to banks on the exchange of notes without question. You may have noticed the Mumbai Mirror's front page article says that there is already a racket of charging 2% for exchanging these notes, caused by a lack of awareness and appropriate information to the public," the letter says.


Moneylife Foundation has urged the RBI governor, to initiate urgent corrective steps to stem this before it sets off panic and causes harassment. "Already, we have to examine each note that we get from ATMs while nobody is willing to accept currency that is pre-2005. In fact, the RBI circular has led to the belief that pre-2005 notes are as good as bad currency," the letter said.


Meanwhile, speaking with reporters, the RBI governor denied that the recall of the pre-2005 currency notes was an attempt at demonetisation and preventing black money or curbing tax evasion, and said it was aimed at reducing counterfeiting.


Here is the letter sent by Moneylife Foundation...



Dr Anantha K Ramdas

3 years ago

Mr Vinay Joshi: I would appreciate if you can spare the time to read the articles on
polymer currency notes, which appeared in the Moneylife digital news letter some 9 months ago, and followed by others, including a coverage on the market tests carried out by
RBI with Rs 10 notes.

List of countries who have successfully introduced polymer currency notes are also covered there. There are in the media and one does not have to be an expert to know about them.

It would be nice if you refrained from referring to my past association with EEPC or my qualifications. If you want to talk or write about a subject, it would be nice if you gave your opinion on them or suggest some new ideas for people to read and understand your valuable views.

I have great love and respect for EEPC and other organisations I have served, and where I have learnt a lot.

Matters such as who decides on polymer currency notes, or where it is printed, technology etc are not matters that are under discussion or debate here. Information is provided in a collective way and it would be nice if the reader makes some valuable suggestions so that those in authority in the Government who follow such public opinion can take appropriate action.

Trust I have made myself clear
and thank you for your interest in national matters.

Dr Anantha K Ramdas

3 years ago

Many thanks for the lead taken by the Moneylife Foundation in raising the issue with Dr Rajan the RBI Governor. We await his response.

Meantime, being a frank person in his comments, why not ask Dr Rajan to specifically comment if this is the first step towards introducing the Polymer curency notes, which Australia pioneered some 25 years ago and about 25 countries have followed suit?.

We applaud the approach to replace the old, worn out notes, which has been going on smoothly for years now, as paper currency do not have a long shelf life. Aam aadmi is also aware of the forged rupee currency notes in circulation from the press reports and also know that these have been coming from Pakistan regularly.

Apart from this, the issue of black money in circulation has also caused worries, inflation and must have surely been used for anti-social activities. So, if RBI's intention is also to take care of this aspect, this is the most appropriate time to introduce polymer notes and kill two birds with one stone.

However, as correctly pointed out by the Moneylife Foundation, the Banks needs to be directed to accept all the deposits made by common public; there should be police vigilance to catch hold of touts who are "trying" to make a fast buck from innocent people, in front or nearabout all banks.

RBI needs to make proper public announcement and ensure Banks cooperate. This initial 3 months submission period for exchange is also insufficient. Can RBI give a correct figure of how many of these notes (Rs 500/Rs 1000) were actually printed before 2005? It is highly doubtful if they can even make guestimate of these figures!

RBI needs to be practical when millions of people do not have bank accounts and they would be at the mercy of bank clerks. It is foolish to believe that everyone has some form of ID ! Has RBI directed banks to appoint or have special counters in banks purely for this purpose?

I think this has been done without too much preparation and without briefing the enormous tasks that Banks have to face!


Vinay Joshi

In Reply to Dr Anantha K Ramdas 3 years ago

Dear Dr. A.K Ramdas,

In the place wishes to MLF on its 4th anniversary.

By the way, i had not responded to your 'article post' on polymer currency notes! [rather many.]

Now, you have compelled me, have YOU ever studied the technicality, feasibility, technology, viability, engineering, design, printing et al being from EEPC & a doctorate?!

Do you know the concept of cost benefit analysis? Of course you know – yet talk!?
If so neither you would have put this msg nor your other article post!?

Had it been so you never ever would have stated for introduction of 'polymer currency notes'!

DO YOU KNOW IT WAS FIRST MOOTED WAYBACK IN MARCH,2013, to print polymer notes? Respected R.Rajan was not there! Printing a billion pieces of ten rupees notes a pilot project. Why was it stalled? Answer. Mr.R.Rajan may be RBI Guv, but respected world over.

RBI can only place indent thro’ Govt. for the quantum of printing notes, to be printed & coinage different an aspect not in discussion.

Further if ML had the ntfn of 23rd, Jan, even if you didn't, assuming read it as under, the letter not highlighting anything. What is sought? HAVE ML & YOU READ THE NTFN?

What meaning it carries Dr. Ramdas?

Dr. Ramdas, let’s come to polymer notes. – which countries have such notes?
What is the present scenario? How many in circulation? Do US & UK have such notes?

One notable feature introduced in 2006 by RBI was the anti-photocopying security feature in the Rs50, Rs100, Rs500 and Rs1,000 notes.

As of now there is no demonetization envisaged as was in January 1946, 1k & 10K banknotes were. Again reintroduced 1K, 5K, 10K, in 1954 were demonetized in 1978.

What is the meaning – ‘I promise to pay’ clause 26, RBI Act 1934?
The obligation of the bank is to exchange for equivalent amount – THE LEGAL TENDER.

RBI’s clean note policy is perpetual not one of a kind as envisaged now. OK!?

Await your earnest reply.



3 years ago


Vinay Joshi

3 years ago

DCM(Plg) No.G-17/3231/10.27.00/2013-14

January 23, 2014

The Chairman / Managing Director/ Chief Executive Officer
All Scheduled Commercial Banks
Primary(Urban) Co-operative Banks/RRBs

Dear Sir /Madam,

Withdrawal of all old series of Banknotes issued prior to 2005.

1.As you are aware, RBI has been following a policy of phasing out of certain series of banknotes from time to time. It has now been decided that all old series of banknotes issued prior to 2005 will be completely withdrawn from circulation.

2. Accordingly, the following plan of action has been formulated:

(i) All older series of banknotes issued prior to 2005 would be acceptable for all kinds of monetary transactions only till March 31, 2014.

(ii) Thereafter, the public will be required to approach bank branches which would provide them exchange facilities on an ongoing basis.

(iii) These notes will continue to be legal tender.

(iv) From July 01, 2014, to exchange more than 10 pieces of ` 500 and ` 1000 notes, bank branches should obtain from non-customers, proof of their identity and residence.

(v) A public notification informing public of the exercise and soliciting their co-operation and enabling them to identify the older series is issued separately. A copy of the same is enclosed for ready reference.

3. Please issue suitable instructions to all your branches, to provide exchange facilities to members of public and to stop re-issue of the older series banknotes issued prior to 2005. Notes of such series tendered over the counters may be sorted immediately and deposited in the currency chests under the Linkage Scheme or forwarded to the nearest Issue Office of Reserve Bank of India for disposal.

4. Please also advise your branches to extend all cooperation to the members of public so that the withdrawal is carried out in a smooth and non-disruptive manner, without any inconvenience to the public.

Please acknowledge receipt.

Yours faithfully,

(Dr. Sanjeev Sharma)
General Manager in-Charge


3 years ago

As far as my knowledge is concermed, most of the fake currencies are from Rs.500 and Rs.1000 denominations only, that to even with latest years viz., 2008 and so on. Then, how can RBI's aim is cherished?

Further, any expenditure exceeding Rs.20,000/- should be by way of cheque only is prevalent rule in Income Tax Act, 1964, in such a case how huge cash is piled up?



In Reply to S BHASKARA NARAYANA 3 years ago


Om Goenka

3 years ago

I strongly agree to the remarks made by Kirti Bhatt regarding exchange of notes of smaller denominations of Rs.1,Rs.2, Rs.5,Rs.10,Rs.20.
The exchange of such notes will put undue tension to holders, which are small worth people.
I earnestly request R.B.I. to recomsider their decesion.

Om Goenka

Kirti Bhatt

3 years ago

I believe that the decision to cancel pre-2005 notes in the denomination of Re.1, Rs.2, Rs.5 or Rs.10 is sans any rationale (Absurd). I haven't come across any news about fake notes of small denominations. It is a mere waste to cancel good pre-2005 notes of small denominations.

Kirti Bhatt


3 years ago

Demonetizing pre 2005 currency would give a great advantage to the post 2005 corruption money and war chests in the coming elections. The Reserve Bank of India, with "Grwoth" as an objective has come along way from the purposes for which it was carved out of the Reserve Bank of India in 1935 pursuant to the Hilton Young Currency Commission 1921 and the Radcliffe committee report as the galloping inflation, unrestricted Government profligacy and corruption(deficit finance)and the growth in money lending and farmer suicides would testify. RBI is now one more PSU like HAL, Supreme Court, Air India, DCW, NHRC or other latifundia of a majoritarian, sociometric kleptocracy masquerading as a democracy with such myths as rule of law and universal secondary education!

Vinay Joshi

3 years ago

Why the customer is not depositing the amount in his/her a/c?

Can they refuse legal tender?


arun adalja

3 years ago

rbi is giving notification but they are not issuing circular to banks so all confusion and people are in there any time limit for exchanging notes?rbi is silent on the issue.IT dept will watch entire issue for their benefits.

Nalin Patel

3 years ago

even fake notes have year printed on it, so is this exercise for weaning out fake notes or some thing else?

banks do not exchange notes prior to 2005

QNet: Michael Ferreira finally appears before EOW after Court order

For weeks, Ferreira had avoided appearing before Mumbai police in the Rs425 crore QNet scam, until the Session Court asked him to present himself before the EOW. Ferreira is also booked by Mumbai police for allegedly forging documents to sell a plot of land at Gorai in Malad

Former world billiards champion Michael Ferreira on Monday appeared before the Economic Offences Wing (EOW) of Mumbai Police following directives from the Court in connection with the Rs425 crore QNet scam. Mumbai police had also issued a look notice against Ferreira after he failed to appear before the EOW.


For weeks, Ferreira had avoided appearing before the EOW until a Mumbai court hearing his anticipatory bail application asked him to present himself before the police by 27th January.


Earlier on 2nd January, Mumbai Police issued a lookout notice against Ferreira after he failed to appear before them despite summons in the second week of December asking him to turn up and explain his association with the company.


Last week, the Sessions Court while granting interim protection to Ferreira from arrest till 31st January asked him to appear in person before the EOW for probing his role in the multi-crore QNet scam.


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.


So far the EOW has arrested nine team leaders of QNet so far for allegedly duping investors by offering to sell products such as magnetic disks, herbal products and holiday schemes through fraudulent practices.


QNet has also been accused of using the banned binary pyramid business model for their multi-level marketing (MLM) schemes to lure investors. The accused have been charged with cheating and forgery under relevant sections of the Prize, Chits and Money Circulation Schemes (Banning) Act 1978.


Earlier this month, Gorai police booked Ferreira for allegedly forging documents for selling a plot belonging to 87-year old Cyril Edmond Henriques. According to a report from Mid-Day, in 1995, Cyril Henriques discovered that someone had started illegal construction on the land. He complained to Brihanmumbai Municipal Council (BMC), and the structures were demolished. Later, Henriques came to know that Ferreira had sold the land, pretending to be its owner. Following his complaint, police started an investigation and found that Ferreira had forged the documents.


"Even on 8 February 2000, during preparing the 'irrevocable power of attorney' Ferreira had shown that his brother Peter Dominic was present, and had signed on the paper. On that day, Peter was in Canada. On the basis of the alleged phony documents, Ferreira sold the plot to Manish Agrawal and Sanjay Agrawal for Rs11 lakh though the land’s market value then has been estimated to be Rs2.43 crore," the newspaper report said.



jitu moni

4 months ago
The Economic Offences Wing (EOW) of the city police arrested a woman in her early 30s on Thursday for her active involvement in the multi-crore QNet scam. The total number of arrested accused has now reached 47, which includes Billiards champion and Padma Bhushan recipient Michael Ferreira.
In the Rs 1,000-crore scam of Hong Kong-based company QNet, nearly 5 lakh investors across the country were duped. QNet has been accused of using the banned binary pyramid business model for its multi-level marketing schemes to lure investors.

QNet posed as a marketing firm selling bio-discs, watches, herbal products, holiday packages, etc. It also claimed that by using the bio-disc, one could cure cancer and brain diseases, the police said.
Too much baggage
Accused Aditi Mitra was intercepted at the Chhatrapati Shivaji International Airport, and subsequently, arrested based on the lookout circular that had been issued against her.

Assistant commissioner of police Arun Jadhav confirmed her arrest said she was sent to police custody till March 23.
Mitra was allegedly trying to flee to Dubai for good. She was carrying eight big bags and two handbags. Of the eight, two contained her belongings; she refused to say what was in the other six, sources said.

Mitra, an independent representative associated with QNet, had been getting hefty commissions in return. She has multiple bank accounts, with one alone having Rs 25 lakh, as EOW officials found, adding that all her bank accounts have been frozen.

Active player
Investigators found that on the instructions of the other accused, Mitra was actively involved in the scam. She had brainwashed victims in order to induce them to invest in the scheme,” said special public prosecutor Pradip Gharat.

A victim, Sewri resident Arpita Majarekar, said, “She would conduct welcome sessions in malls and trap people with her sweet talk.

She had promised me and many others that if we invested in the scheme, we would get double the amount in three years.” Majarekar, who works in a private firm in Andheri, had invested nearly Rs 12.5 lakh in the scheme through Mitra.

She has been booked under relevant sections of the Maharashtra Protection of Interest of Depositors in Financial Establishments Act, Prize, Chits and Money Circulation Schemes (Banning) Act, and the Indian Penal Code.


10 months ago


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 make sure to reach in time __/\__ . You can contact on 7498063701 in case of difficulty in locating us :)

Jai Hind.

jitu moni

10 months ago
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

11 months ago
Mumbai: The Supreme Court on Thursday directed the Maharashtra Government to file the latest status report regarding investigation so far on the anticipatory bail plea of World Billiards champion Michael Ferreira and four others, who are facing charges of money laundering in the multi-crore QNet case.

The next hearing in the matter will take place on September 14.

Besides Ferreira, the others whose anticipatory bail plea were rejected were Malcom Desai, Vanka Srinivas, Maganlal Balaji, all directors of M/s Vihaan Direct Selling (India) Pvt. Ltd, and Suresh Themiri, director of Transview Enterprises.
They are facing charges under Sections 420 (mischief), 468 (forgery), 471 (using forged document knowing it is not genuine) of the Indian Penal Code (IPC).

Justice Mridula Bhatkar of the Bombay High Court, who took on record the statement of public prosecutor Pradeep Gharat that investigations were still on, had in May rejected their anticipatory bail pleas.

Ferreira had started the operations of QNet, a multi-level marketing company, in India via his firm Vihaan Enteprises.

The QNet cheating case began with a complaint by Gurpreet Singh Anand, who raised his voice after losing Rs. 30,000.

According to the police, the money involved has crossed Rs. 1,000 crores in the alleged scam with more than five lakh investors allegedly losing their money in the case against QNet which is being probed by the Economic Offences Wing.

jitu moni

12 months ago
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 and 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

1 year 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

1 year ago
Mumbai: The city's economic offences wing (EOW) is now looking into allegations that several Bollywood celebrities campaigned for the cheat firm, QNet, through advetisements or by promoting the schemes of the self-proclaimed marketing firm.

Gurupreet Singh Anand, complainant in the Rs 1,000-crore QNet cheating case, on Wednesday said at least four Bollywood actors promoted the Ponzi schemes at different times in the QNet's promotional programs in United Kingdom and Malaysia. He has submitted a 23-page letter wherein he has attached the celebrities' pictures promoting the programs.

"I have submitted letter and all the relevant information to the EOW on May 12. I am hoping some action soon," Anand told TOI. He alleged that the money was laundered from India to Hong Kong and Malaysia.

Anand was speaking at a press conference where suddenly a group of QNet sympathisers appeared with "I trust QNet" placards.. They were later asked to leave the conference room.

jitu moni

1 year ago

QNet: Secret SFIO report says MLM, Ponzi schemes a threat to national security
Read article

jitu moni

1 year ago

Hello Everyone

The company Qnet is celebrating VCon from 3-7 May. As a present,yesterday late night, I posted lot of comments on numerous pics uploaded on Instagram. I also posted on VChief Pathmans account. Unfortunately, they kept deleting my posts and had to ultimately block me. If each one of us, Indians, takes to instagram and starts posting messages like me, then they would have to either block us or abandon their account, which is their money making tool. You can start with Qnetofficial,TheV, Pathmans account, etc with phrases like Pyramid Scheme, Qnetscam, Franchise Fraud, Police arrests, court cases,Cheating, etc. They cannot stop us if we all work as one unit.

Hope we all teach them a lesson and save other fellow Indians.

Jai Hind

jitu moni

1 year ago
CM Devendra Fadnavis has assured detailed inquiry into QNet: BJP
Chief minister Devendra Fadnavis has promised to make a detailed inquiry of the alleged irregularities by the QNet multilevel marketing company and take action against the offenders, said BJP spokesperson Madhav Bhandari on Saturday. Former union minister P. Chidambaram’s wife was a legal counsellor with the company.

The QNet company, which was earlier known as Goldquest, has cheated 12 lakh people to the tune of thousands of crores of rupees. The court has rejected anticipatory bail to the accused in this case. When the CM was contacted about this, he promised to make a detailed inquiry and take action. If necessary, he said that the CBI’s help would also be taken, said Mr Bhandari.

The party spokesperson demanded that the role of former Union minister P. Chidambaram and his wife needs to be probed in this case. “Mr Chidambaram’s wife was a legal counsellor of the concerned company. Taking note of complaint registered by a lawyer from Chennai, the Central Vigilance Department handed over the case to the CBI. The complaint also has a mention of former Union minister Shashi Tharoor. However, the CBI did not investigate the matter during the tenure of Congress government at the Centre,” he alleged.

In Maharashtra, the wife of Gurpreet Singh Anand had in 2013 filed a complaint of fraud against the company. However, there was not much inquiry during the Congress-NCP regime. But since the court has denied anticipatory bail to other accused, including sportsman Michael Ferreira, the investigation can be expedited. Many sensational things are expected to come out in the investigation as the CM has promised to carry out a detailed probe in the case, said Mr Bhandari.

jitu moni

1 year ago

Mumbai police seeks Zee business help in probe of QNet

jitu moni

1 year ago
A group of investors in the QNet multi-level market case on Sunday gathered near Holy Family Church and marched as a protest and public awarness against ponzi schemes. The protesetors reached at the house of accused Padma Bhushan Michael feriera in the QNet cheating case. The protesters were holding placards that read, Michel Ferriera Shame Shame! and Ban QNet".

"We chose Bandra for protest since most of the accused in this scam reside here. We had informed the police in advance and stated that the peaceful march will be for awareness about such fraud schemes and protest against such ponzi schemes," said Gurpreet Singh Anand, the first complainant in the QNet cheating case. He added that thgough it was his birthday but he did not spend time at home and was busy in the awareness drive.
Similar protests were held in New Delhi, Bangalore and Hyderabad on Sunday. Last month a special MPIDA court rejected the anticipatory bail plea of Michael Ferreira, winner of the World Amateur Billiards Championship and a Padma Bhushan recipient, and four others in the QNet case. They have approached the Bombay High Court for anticipatory bail. Ferreira, 77, and others had applied for anticipatory bail in 2014.

jitu moni

1 year ago
The economic offences wing of Mumbai police, probing the multicrore Qnet scam, has issued notices to Indian Super League (ISL) officials to gather details about taking sponsorship from the tainted company.
Qnet had made celebratory association as the official direct selling partner of Goa Football Club (FC Goa) throughout the Indian Super League 2015 season, from October to December. FC Goa is a part of the ISL football league tournament. Sources said the police are trying to find out the how the proceeds of crime of a company under serious investigation, have been used to sponsor the team. Police are also baffled as how the Qnet managed to generate money when its accounts have been seized. "We have sum moned ISL officials to understand the amount and flow of money in their sponsorship from the Qnet company which had defrauded several investors," said an official.

jitu moni

1 year 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

1 year 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

Disparity rules higher in defining ‘conduct risks’, says survey

According to a Thomson Reuters survey on constituents of conduct risk, culture came out on top (76%), closely followed by corporate governance (74%), then conflicts of interest and reputation (both at 68%)

The findings of a new survey has shown that although conduct risk has become one of the highest priorities for regulators worldwide, there is still great disparity in how firms are defining conduct risk and similarly how regulators are referring to the concept. This is according to the Thomson Reuters Conduct Risk Report 2013.


“The last 12 months have shown increased focus on conduct risk which is not surprising due to ever-demanding regulatory requirements,” says Chris Perry, managing director, Risk, Thomson Reuters. 


Key findings from the report include:


           84% of respondents did not have a working firm-specific definition of “conduct risk”.

           Firms were in broad agreement on what constitutes conduct risk. Culture came out on top (76%), closely followed by corporate governance (74%), then conflicts of interest and reputation (both at 68%).

           Firms in Europe and Australasia have done the most work to address conduct risk, while the North America and the Middle East have done the least, according to the survey.

           Most of the changes made have been implemented in the last 12 months, suggesting that firms’ awareness of conduct risk is growing and that the emphasis which regulators are placing on consumer protection and having the right corporate culture is beginning to take hold. 

           Almost two-thirds of respondents have implemented arrangements to deal with conduct risk while just over 50% of the firms surveyed reported having no, or a partly developed conduct risk appetite in place. 


Remuneration was also shown as a key component to conduct risk, meaning the way in which staff are rewarded and incentivised to behave in the right way are significant factors that contribute to a firm’s culture.


Perry said, “Good conduct is good business. The cost of poor conduct is high; not just in terms of enforcement actions, now totalling in the billions of dollars, but also in the reputation damage and the wider erosion in trust that this creates across the industry, as the Thomson Reuters Trust Index reveals”.


“As the public looks to more transparency in our banks, and banks look to preserve and create value, firms and senior managers need to be able to define and measure what “good” looks like in terms of culture and customer outcomes in order to understand and respond to the implications of the regulatory focus on conduct risk,” added Perry.


Thomson Reuters Accelus surveyed more than 200 compliance and risk practitioners from financial services firms across the Americas, Europe, Africa, Asia, Australia and the Middle East to find their views on how the industry is defining and dealing with conduct risk. Respondents represented firms from across the financial services sector including banks, insurers and fund managers.


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