MLM / Chain Money
Economy & Nation Exclusive
QNet: Mumbai police arrests 8 team leaders, freezes bank accounts too

According to EOW of Mumbai police, these team leaders of QNet received commission ranging from Rs40 lakh to Rs2.5 crore in the binary pyramid scheme which is banned in India

QNet, the Hong Kong-based controversial multi-level marketing (MLM) operator that is accused of collecting money under the garb of selling products suffered another jolt. The Economic offences wing (EOW) of Mumbai police, which is probing a case against the MLM company, arrested eight of its agents or independent representatives (IRs) as QNet refers them. The EOW also froze bank accounts of these people.


According to Times of India, the eight arrested are, Vivekkumar Singh, Shashibhushan Rameshwar Pandey, his wife Namrata Pandey, Sabeena Vijay Mathew, Vijay Mathew, Jagdevsingh Parmar, Rohit Chandra and Mahesh Baharwali, all of whom are team leaders of QNet.


The EOW has frozen Rs1.8 crore from Vivekkumar Singh's bank account. Shashibhushan Rameshwar Pandey had Rs70 lakh, his wife Namrata Pandey had Rs2.5 crore, Sabeena Vijay Mathew (Rs1.2 crore), her husband Vijay Mathew (Rs74 lakh), Jagdevsingh Bhulsingh Parmar (Rs70 lakh), Rohit Chandra (Rs1.2 crore) and Mahesh Baharwali had Rs42 lakh in their bank accounts, all of which is now frozen by the EOW.


Rajvardhan Sinha, additional commissioner of police (EOW) told the newspaper that "These accused have got commission ranging from Rs40 lakh to Rs2.5 crore in the binary pyramid scheme which is banned in India".


Earlier, in August, the EOW froze six bank accounts of QNet and its associates with a balance of Rs46 crore in all these accounts. EOW had registered a case against QNet, for allegedly duping thousands of investors by selling them plastic and glass products terming them miraculous objects for treating severe diseases like Cancer. ()


The complainant, 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.”


The FIR names five accused, including QNet's Hong Kong-based founder Dato Vijay Eswaran, a Malaysian by birth and an Indian by ethnicity, who is photographed hobnobbing with the Prince of Saudi Arabia, in order to enhance his credibility in the Gulf.


As reported by Moneylife, QuestNet and GoldQuest, the MLM companies that had shut shop in 2009 following police action are back with a bigger bang. They now call themselves as QNet and are thriving in an environment where tens of thousands of Ponzis and MLM companies are able to lure people into believing that they have the formula to instant riches and a high growth career.


QNet operates in India through its official franchisee Vihaan Direct Selling Pvt Ltd, which carries the company's brand name in the country. However, Suresh Thimiri, who is often touted as QNet India's chief executive and had denied any relationship with QNet or any of its representatives, owns the 'QNet' trademark in India through his company Transview Enterprises Pvt Ltd!


Another interesting aspect in the whole episode is all top officials (?) of QNet India do not want to reveal their identity and remain hidden. Moneylife repeatedly sent emails to the company's official PR agency and also some officials from its parent QI group but there is no information forthcoming.


You may also want to read…

QNet: The Suresh Thimiri link between Vihaan and Transview


QNet: When India CEO Suresh Thimiri denies relations with the company


QNet: Six bank accounts frozen, more arrests soon, says EOW


QNet: EOW freezes Rs45 crore in two bank accounts of the MLM


QNet: Mumbai police register fraud case against the MLM

QNet, the MLM has resurfaced in India; will people be duped again?


QNet, the MLM company, has no answers to Moneylife’s simple questions


QNet: The “money game” played by MLMs to lure the gullible


Forbes magazine's strange activism on behalf of the shady MLM QNet


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




1 month 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

2 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

3 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

5 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

6 months 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

6 months 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

6 months ago

Mumbai police seeks Zee business help in probe of QNet

jitu moni

6 months 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

6 months 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

6 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


6 months ago

The Koramangala police along with officials of the Central Crime Branch busted the international multi-level marketing (MLM) company QNet and arrested five persons who were collecting lakhs of rupees from the gullible people promising foreign trips and higher returns.

Based on a complaint filed by a victim, Nitin Vaidya, police officials from Koramangala searched a coffee shop and arrested Sanjay Suri (32) and U. Nikil Santosh Kumar (29) from Telangana, Naren Sharma (28) from Himachal Pradesh, Susheel Shanghvi (34) from Mumbai and Prashath Kumar (34) from Kerala and recovered six mobile phones, a car, a bike and Rs. 11,510 from them.

According to the police the accused — engineering, MBA and MCA graduates, who were part of the QNet chain-link company based in Hong Kong — had lured Mr. Vaidya to invest Rs. 7.8 lakh promising a trip to London and also assured high rate of commission for getting more members into the company. However, Mr. Vaidya claimed that he was neither sent to the trip nor they returned his money following which he approached the police on April 10. On questioning, the accused confessed that they have also been cheated but they decided to get more members to the company’s fold to recover their amount. The police are investigating to track the prime accused, based outside the country.


7 months ago






Ground Floor, Annexe 2 Building
Police Commissioner Office
Crawford Market, Mumbai - 400001


Deputy Commissioner of Police
Economic Offences Wing
Delhi Police
Mandir Marg
New Delhi 110001


Cyber Crime Police Station,
CID Annexe Building, Carlton House,
# 1, Palace Road,
Bangalore - 560001.


Deputy Commissioner of Police(EOW)
Chennai Police
Economic Offences Wing CID
C 48, II- Avenue, TNHB, 3rd Floor,

Anna Nagar, Chennai-40.


Office of the Addl.Director General of Police,
Crime Investigation Department
Andra Pradesh at RBVRR Telangana State Police Academy,
Himayatsagar,Hyderabad-500091, Telangana State


jitu moni

9 months ago
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

11 months ago
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

In a setback to voiceover artist Tarun Ratnani, the Bombay high court turned down his application seeking waiving of trial court order asking him to furnish a bank guarantee of Rs 35 lakh failing which the investigating officer would sell his BMW car and deposit the amount with bank registry as security in the Rs 800 crore QNet scam.

The prosecution’s case is that Ratnani is one of the main accused in the scam and during the course of investigation, it was revealed to the investigation agency that the appellant has purchased the said vehicle by using the proceeds from the aforesaid crime.

Considering this, the police had seized the BMW that belonged to Ratnani; however on his appeal, the special MPID judge issued a direction to release the said vehicle subject to the appellant furnishing bank guarantee of Rs 35 lakh and indemnity bond of the same amount within a month, failing which the investigating officer was directed to sell the said vehicle and to deposit the sale proceeds in the name of registrar of sessions court for an initial period of five years pending the trial.

Ratnani, through his lawyer, had requested the court to give back his car on indemnity bond without a bank guarantee of Rs 35 lakh. He had contended that he had sold his old car and used Rs 4 lakh from the profits earned from QNet investments and the remaining was paid through loans so it cannot be said that the car was bought from money earned from QNet and hence the car should be handed over to him on bond. He also assured the court that if investigating agency comes to the conclusion that the car was bought entirely from the proceeds of the alleged crime then he would reimburse that amount.

However, the division bench of acting chief Justice V. K. Tahilramani and Justice A.S. Gadkari rejected his application and held that the trial court has not committed any mistake in passing the impugned order.

Western Railway seeks fare hike, unmindful of its own wastage of money

Western Railway is seeking a revision in monthly passes on suburban network. However, it would not be required if only the authorities can cut unnecessary expenses and corruption, says Samir Zaveri, who runs Moneylife Railway Helpline

Citing losses incurred, the Western Railway (WR) wants to double the monthly season ticket fares for commuters on Mumbai's suburban network. However, the same WR is relentlessly wasting public money and its officials were found covering up the expenses.


Samir Zaveri, railway activist, in a letter to Railway Minister Mallikarjun Kharge, says, "(The) main reason for losses is inefficiency and rampant corruption in Western Railway. This is evident in the Jagjivan Ram Railway Hospital at the Mumbai Central where the authorities spent about Rs20 crore on its cardiovascular thoracic surgery department but as many as 22 out of the 43 machines installed by them have been out of operation."


Similarly, the WR is spending money on renovation of Churchgate station. "They (WR) are replacing flooring tiles that are in good condition with slippery tiles near the ticket reservation and food courts. When the tiles fitted on platforms have more life and these tiles are not slippery, then what is the point in putting lives of thousands of commuters in danger?" Zaveri asked.


According to a report in Hindustan Times, with expenses of about Rs1,300 crore and revenue of Rs700 crore, the WR is incurring major losses annually. Of the income, nearly Rs500 crore of suburban revenue is earned from monthly passes.  Considering the losses incurred by the railway suburban section, the authorities have suggested revision in fare of monthly passes for both first- and second class to the Parliamentary Standing Committee.


This means, that a second class monthly pass from Virar to Churchgate that costs Rs280 will cost Rs560, and a first-class pass costing Rs1,025 will be available for Rs2,070, the report says.


Shirish Deshpande, chairperson of Mumbai Grahak Panchayat, told the newspaper that, “The railway fare should be linked with the services they provide. Even after paying 5-6 times higher than a second-class passenger, a commuter in the first-class is not assured about his safety.”


Sensex, Nifty in dramatic late selloff: Friday closing report

The market was holding steady but a late selloff erased all the morning gains. Nifty will try to rally on Monday as bears seem to be tiring out.

Yesterday, we had mentioned that the stock markets may move upwards but would remain weak. This is exactly what happened on Friday. Initially, a somewhat spirited opening and some strength in the morning and afternoon session kept the optimism brimming. However, a dramatic selloff was witnessed in the afternoon through the end of the session. The markets fought back and finished flat after briefly being in the red.


The BSE 30-share Sensex opened at 20,316 and moved up to its intraday high of 20,388 before a late sell off pushed it down to its intraday low of 20,137. Sensex closed at 20,217 (down 11 points or 0.06%). Similarly, the NSE Nifty opened at 6,027, hit a high of 6,049, steadying for a lengthy period before a late sell off saw it fall to an intraday low of 5,972. The Nifty closed at 5995, just below the psychological 6,000 barrier.


Volumes were extremely weak, with just 49.43 lakh shares being traded. This means that bears are tiring out.


PSU Banks and Auto were the worst hit indices, falling 1.02% and 1.17% respectively, while public sector enterprises (PSE), finance and energy were the best performing indices moving up 1.28%, 0.52% and 0.78% respectively. The rest of the indices were more or less flat.


Of the 50 stocks on the Nifty, 26 advanced, 23 declined and one remained unchanged. The top gainers were ONGC (3.25%); Cairn (3.23%); Tata Steel (2.85%); GAIL (2.25%) and L&T (2.21%). The top five losers were Sesa Sterlite (2.79%); Tata Motors (2.36%); Bajaj Auto (2.27%); IDFC (1.50%) and State Bank of India (1.39%).


Of the 1,432 shares on the NSE, 603 closed in the positive, 738 closed in the negative while 91 remained unchanged.


The RBI said that the weakening domestic macroeconomic conditions, combined with the continuing subdued global growth posed challenges to the banking sector during 2012-13. According to the Reserve Bank of India, the ratio of NPAs increased further during 2012-13. There was a rise in the slippage ratio as well as the ratio of restructured advances to gross advances. The increased stress in asset quality during the year was primarily on account of non-priority sectors. There was a rise in the NPA ratios for the industrial and infrastructural sectors.


In the meantime, the RBI was suspected to have sold dollars via state-run banks starting at around 62.93 rupee levels in a bid to support the rupee while the dollar strengthens amidst talks of tapering. Gold and crude oil fell as well.


US equities saw some strength yesterday, with Dow closing above 16,000 for the first time. This was boosted by better jobless claims by the Labour department, which fell by 21,000 to 323,000, better than forecasts for 334,000. Existing-home sales declined for the second consecutive month in October, while constrained inventory means home prices continue to see double-digit year-over-year gains.


In Europe, German November IFO confidence was pegged at 109.3, when compared to median estimates of 107.7. This implies much improved economic climate and recovery of the biggest economy in the Euro region. According to Bloomberg, German business confidence surged to the highest in more than 1.5 years. Germany’s DAX was seen flat. Additionally, there are rumours that the British economy is also improving, after the British pound rose to its 4-week high against the dollar. European markets were seen flat, with a slightly positive bias.


Asian markets were mixed, with Nikkei still extending gains by 0.11% while Shanghai Composite extending losses by 0.44%. The rest of the Asian markets were flat.


US futures were seen trading flat, with a slight positive bias during early trade.


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Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)