MLM / Chain Money
QNet: Michael Ferreira, Magaral Balaji and Malcolm Desai surrender before special court
Following orders from the Bombay High Court, former world champion of billiards Michael Ferreira, and two others on Friday surrendered before a Special Court in the multi-crore QNet scam. On Tuesday, the HC had asked five prime accused to as per the directions passed by the Supreme Court in the QNet scam case. 
 
Ferreira along with Magaral Veervalli Balaji, director of Vihaan Direct Selling (India) Pvt Ltd and Malcolm Nozer Desai, who is a 20% stakeholder in Vihaan, surrendered before the Special Court and were remanded to custody of Economic Offences Wing (EOW) of Mumbai Police. Ferreira owns 80% stake in Vihaan, which is franchisee of QNet. 
 
Other prime accused include, Srinivas Rao Vanka, director of Vihaan and Suresh Thimiri, director of Transview Enterprises India Pvt Ltd. All the prime accused had approached the Bombay HC seeking to quash the first information report (FIR) filed by Gurupreet Singh Anand as well as a stay on coercive action against them by the authorities. 
 
 A division bench headed by Justice Abhay Oka, while refusing to grant any relief, asked the five to surrender before authorities as per directions from the apex court. 
 
Last week, the Supreme Court, while accepting Maharashtra's standing council Nishant Khatneshwarkar's argument that the accused have failed to join the investigation and the charges are serious, had directed the five to surrender within a week.
 
Earlier in May, the Bombay High Court had also rejected bail plea of these five associates of QNet. While rejecting anticipatory bail applications of five accused the HC had observed that "the deceit and fraud is camouflaged under the name of e-marketing and business". This scheme is undoubtedly a multi-level marketing (MLM) activity and a pyramid structure of such scheme is prepared so that the members are promised to get money on purchase and sale of products, the Court had said.
 
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.
 

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COMMENTS

akhil renjith

7 months ago

Will this get banned like there old name gold quest and quest net ...

PRITHVI RAJA

8 months ago

Any comment alert me

Cognizant probes graft charges as senior executive quits
US-based software major Cognizant Technology Solutions Corporation on Friday announced an internal investigation under the US Foreign Corrupt Practices Act into certain payments made to facilities in India.
 
The probe led the company to appoint its IT Services Chief Executive Rajeev Mehta on September 28 as its President, a day after incumbent Gordon Coburn resigned on September 27.
 
"The investigation is being conducted under the oversight of the audit committee and is focused on a small number of company-owned facilities," Cognizant said in a regulatory filing with the US Securities and Exchange Commission (SEC).
 
The company has notified the Justice Department and the SEC and is cooperating with both agencies.
 
"The internal investigation is in its early stages, and the company is not able to predict what, if any, action may be taken by the Justice Department, SEC or any governmental authority in connection with the investigation or the effect of the matter on the company's results, cash flows or financial position," it said in the filing.
 
Mehta, 49, who has been with the company since 1997, was Chief Executive of its IT Services since December 2013.
 
"For the past decade, Mehta has been responsible for leading our market-facing teams in delivering industry-leading growth. He has a deep understanding of new technologies and new delivery models and their potential to transform businesses," said Cognizant Chief Executive Officer Francisco D'Souza in a statement.
 
As Chief Executive of IT Services, Mehta was responsible for market-facing activities across the company. His prior roles include Group Chief Executive, Industries & Markets, where he led its industry vertical and geographic market operations on a global basis.
 
"I am honoured to assume this new role at an exciting time in Cognizant's history. Over the past year, we have designed and introduced a new operating model to support our strategic vision and growth," said Mehta in the statement.
 
Co-founded by Indian-origin Kumar Mahadeva and D'Souza two decades ago, the Nasdaq listed $12.4-billion IT major has its largest software development centres in Chennai, Bengaluru and Hyderabad.
 
In its previous avatar, the company was an IT arm of Dun & Bradstreet Satyam Software in Chennai and was spun off as Cognizant Corporation in 1996 after it bought 24 per cent equity stake of Satyam for $3.4 million. Its headquarters was shifted to the US in 1997.
 
With about 100 development and delivery centres worldwide and 244,300 employees, Cognizant is ranked among the top performing and fastest growing firms globally.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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India's April-August fiscal deficit at 76% of full-year target
India's fiscal deficit in the April-August period of the current fiscal touched Rs 4.08 lakh crore - or 76.4% of Budget estimates for fiscal 2016-17 - as against 66.5% of Budget in the same period of last year, government data showed on Friday.
 
As per the Controller General of Accounts, the deficit, or the gap between expenditure and revenue for the entire current fiscal, has been pegged at Rs 5.34 lakh crore, as compared to the deficit of Rs 5.35 lakh crore in the last fiscal as per revised estimates of 2015-16.
 
The exchequer's tax revenue during the period in question yielded Rs 2.80 lakh crore, or 26.6% of the estimates, while total receipts, from revenue and non-debt capital, during the fiscal's first five months, were 3.93 lakh crore, or 27.3 per cent of the estimates for the current year.
 
Total expenditure during the April-August period was Rs 8.01 lakh crore, or 40.5% of the entire fiscal's estimate.
 
Of the total expenditure, money spent on plan was over Rs 2.36 lakh crore, while non-plan expenditure came to more than Rs 5.64 lakh crore.
 
The revenue deficit during April-August was over Rs 3.25 lakh crore, or 91.8%, of the estimates.
 
Major revenues, including income tax and dividends from state companies, are mostly received towards a financial year's end.
 
The government has set the target of restricting the current fiscal's deficit at 3.5% of the GDP or to Rs 5.34 lakh crore.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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