Have QNet team leaders misled the Mumbai Sessions Court by submitting a fake document along with their bail application? The Economic Offences Wing has made this sensational disclosure. The police official, whose signature is on the document has also denied having prepared or signed it
In a sensational new development, the Economic Offences Wing (EOW) of the Mumbai Police, in their objection to the anticipatory bail application filed by seven team leaders of the shady QNet scheme have accused them of submitting fake documents. The EOW has told the Sessions Court that a document submitted by the QNet leaders is bogus and concocted. The Police Sub-Inspector (PSI), under whose name the document was submitted, has, in an affidavit, denied having prepared it.
According to EOW, the team leaders of QNet, including former world billiards champion Michael Ferriera, Srinavas Rao Vanka, Magarlal Viravali Balaji, Malcolm Nozer Desai, Navjyot Mahesh Das, Chinar Surendra Shinde and Mereilla Kamal Dutta have misled the Court by submitting a fake document while seeking bail. This is in connection with various charges made by the intrepid whistleblower Gurpreet Singh.
The document on which the Court relied for granting anticipatory bail pertains to a report allegedly prepared by PSI Vishnu Pandu Rathod of Oshiwara Police Station in Mumbai. It states: Since complainant Parmit Anand Kaur had gone to Hyderabad, her husband Gurupreet Anand, in his statement on her behalf has stated that his wife has no complaint against e-commerce company QNet.
However, PSI Rathod, in an affidavit has denied having recorded any such statement. He said, "I state and declare before this Court that the documents which were relied upon by the applicants in their anticipatory bail applications as the statement recorded by me and the report prepared by me are not the documents prepared by me and I have no knowledge whatsoever in respect of the said documents forwarded under my name and designation."
The EOW of Mumbai Police, which is probing the MLM fraud, had so far arrested nine team leaders of QNet for allegedly duping investors by offering to sell products such as magnetic disks, herbal products and holiday schemes through fraudulent practices. The accused have been charged with cheating and forgery under relevant sections of the Prize, Chits and Money Circulation Schemes (Banning) Act 1978.
The complainant, Gurupreet Singh Anand, a computer consultant from Lokhandawala, Andheri in his first information report (FIR) before the EOW 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.”
Earlier in February 2014, the Enforcement Directorate (ED), the agency responsible for enforcing economic laws and fighting economic crime in India, registered a case in the Rs425 crore QNet scam for money laundering.
The ED has named QNet Ltd from Hong Kong, its official franchisee Vihaan Direct Selling Pvt Ltd, Vijay Eswaran, the founder of QI group and three other independent representatives (IRs) of QNet from Mumbai.
In a media statement, QNET called the money-laundering probe by ED against it as 'allegations that are preposterous and completely baseless'.
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Although it still early to call it a trend, the Fitch group ratings unit said it believes this could be the beginning of a broad-based industrial recovery for India
India Ratings and Research (IndRa), a Fitch group unit has revised its FY15 gross domestic product (GDP) growth forecast for the country to 5.7% from 5.6%. As recently as April this year, it had pegged India's GDP growth at 5.6%. The upward revision is not big by any means, but it signals an optimism towards the economy.
“Even though the Union Budget FY15 has addressed certain supply-side issues plaguing the economy, we believe a single budget or one year’s policy reforms are not enough to ensure a non-inflationary, sustained and higher economic growth. Moreover, policy announcements take time to play out,” IndRa said.
The report noted that, agricultural growth in India will be muted as a result of the below average monsoons this year. However, it feels with new measures intended to tackle warehousing, supply chains and price stabilisation, there will be a positive effect in the medium term. IndRa said, “We believe the negative impact of the below-average monsoon on agriculture will be more than offset by an industrial recovery.”
Noting that the IIP grew 4% over April-May 2014, all segments of industrial classification showed positive growth and the Index of Eight Core Industries grew 4.6% during 1QFY15, the ratings agency said, “ Although it still early to call it a trend, we believe this could be the beginning of a broad-based industrial recovery.”
“Despite a marginally higher GDP forecast, we do not expect the demand side to exert pressure on inflation this fiscal. However, supply-side bottlenecks in agricultural products remain a concern, more so with the deficient monsoon,” it said while commenting on inflation.
“Current account deficit (CAD) is estimated to widen to $48.7 billion (2.2% of the GDP), mainly due to improved industrial growth outlook which will boost imports. However, the financing of the CAD may not prove challenging due to higher capital inflow,” IndRa added.
RCom received Rs650 crore from Telecom Infrastructure Finance, a promoter group entity as 50% payment for share allotment on preferential basis
Anil Ambani-led Reliance Communications (RCom) on Thursday said that it has received the first instalment of Rs650 crore from the promoter group for preferential allotment of 8.67 crore warrants worth about Rs1,300 crore.
The remaining Rs650 crore will be received by the company before 31 March 2015, RCom said in a statement.
“The company has received Rs650 crore from Telecom Infrastructure Finance Pvt Ltd equivalent to 50% of the issue price of the equity shares upon allotment of warrants and the balance amount of Rs650 crore will be received on or before 31 March 2015,” the company said in a regulatory filing.
The proceeds of the preferential issue will be used to reduce debt, the company said.
RCom said that following a resolution passed by shareholders in July, the committee of directors today allotted 8.67 warrants to Telecom Infrastructure Finance, a promoter group company.
Warrants, which entitle equivalent number of equity shares of Rs5 each at a price of Rs150 per share (including a premium of Rs145 per share) aggregate Rs1,300 crore.
The country’s fourth largest telecom operator has also raised Rs4,800 crore from a share sale to institutional investors, the biggest QIP fund-raising by a private firm.
RCom said that the consolidated net worth of the company has gone up to Rs31,369 crore.