MLM / Chain Money
Economy & Nation Exclusive
QNet: Mumbai police register fraud case against the MLM

EoW from Mumbai registered an FIR against QNet, the MLM company, for allegedly duping thousands by selling them plastic and glass products as miraculous objects

QNet, the controversial Hong Kong-based multi-level marketing (MLM) operator with multiple names (GoldQuest, QuestNet, QNet, QI Ltd and QI group are the better-known names) has finally come under the radar of Mumbai police.


According to a report in Times of India, the economic offenses wing (EoW) of Mumbai police has registered 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 firm (QNet) posed as a marketing firm which would sell bio-disc, watches, chiPendants, gold coins, herbal products, e-education packages and holiday packages. They even claimed that by using the bio disc one can cure cancer and brain related diseases," the report said quoting a police officer.


UPDATE: According to a report from Times of India, the EoW has arrested Bandra-based Manjunath Hegde for cheating in the QNet case. He was reminded to police custody till 22nd August. "Hegde, who is an advertiser by profession, was arrested from his Bandra residence. We searched his house and seized computer hard disc and several incriminating documents, which will be produced in the court. There are some payment/commission receipts among the documents," the report said quoting an investigator.


The complainant, Gurupreet Singh Anand, 40, a computer consultant from Lokhandawala, Andheri 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 first information report (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 its credibility in the Gulf.

(Vijay Eswaran (circled), the founder of QNet along with Dev Wadhwani (in blue shirt), VP of QNet Source:


"One of the wanted accused Vijay Eswaran, had earlier floated two firms; Gold Quest and Quest Net Enterprises, in India and duped thousands of people. These two firms were also popular in Egypt, Afghanistan and Malaysia. We are trying to zero in on Eswaran and will soon arrest him," the newspaper said quoting the officer.


While QuestNet and GoldQuest, which mainly sold numismatic gold coins (they claimed they were limited edition coins that whose value would increase over time) in 2009 were forced to shut shop in India, their new avatar QNet offers a broader range of lifestyle ‘enhancing’ products (holiday packages, diamond watches, bio-discs, Chi-Pendants and herbal products for anything between Rs30,000 to Rs7 lakh), which promise fabulously high returns so long as new distributors are enrolled rapidly. Its product brochure says, “With 8 ways to earn and up to 50% of the sales paid out in commissions, QNET offers the most dynamic and innovative compensation plan in the direct selling profession.”


(Suresh Thimiri, MD & CEO, QNet India (circled) with Indian Tennis stars at the Davis Cup Source:


The last time around, QNet was being evangelised by former World Billiards champion Michael Ferriera, as well as some former international cricketers. QNet even sponsored the Indian tennis team for Davis Cup. This time, it is being hard-sold by senior corporate executives, including heads of multinational companies, who have been forced to quit in the 40s and 50s, having fallen off the career ladder. Moneylife has received emails from several worried readers asking us to bring the “QNet scam” to the attention of regulators before it dupes their friends and relatives already ensnared by the hard sell.

(Muttiah Muralitharan, the greatest Test match bowler from Sri Lanka at QNet event. During 2005, the GoldQuest scheme spread across Sri Lanka, marketing gold coins for double their worth. This forced the country to frame new law to ban MLMs, especially GoldQuest. Image Source: )


Manoj Arora (name changed), a chartered accountant and management consultant tells us how he decided to string along a QNet ‘operative’ to understand its modus operandi which promises to make you a millionaire in two or three years.


He was scandalized at what he discovered and says, “QNet is just not about Amway-esque MLM but a Stockguru-type pyramid scheme. The premise is to get more and more people to invest Rs1 lakh to Rs6 lakh in an 'e-commerce' venture. They make you owners of QI group by selling three shares for every Rs1 lakh. How does that generate returns? The victims who are enrolled into the scheme, in turn hunt for newer victims to buy into the Ponzi. They are entitled to get 14% of share capital they or their victims raise. The scam is proliferating through social media like Linked-in to find newer targets. This reader had stored names and screenshots of people canvassing QNet from their profiles on Linked-in.


Well, the company had a chequered past. In 2008-09 it was making waves like it is today. At that time, it flaunted powerful political connections (at that time a GoldQuest executive, K Preetha had said that Nalini Chidambaram was a legal advisor. This was after we pointed out that the connection was highlighted at its meetings to recruit/ensnare new agents). However, QuestNet virtually folded-up after the Chennai police arrested several employees and the business was in complete disarray.


QNet claims that a Diamond Star can earn up to Rs27,73,800 (Rs27.7 lakh) per week while the same for a Platinum Star would be Rs22,39,050 (Rs22.4 lakh) a week. The money earned by a Diamond Star in QNet is almost the same that Mukesh Ambani of Reliance Industries (RIL), India's richest man as per the Forbes list, earns every week as salary (Mukesh Ambani forgoes Rs23.82 crore from his pay package ). We all have heard about Mr Ambani and his wealth. However, nobody knows how many Diamond or Platinum Stars are there in QNet's MLM network. If you know, please share it.


There are several people who are now demanding their money back from QNet. Few of them even posted such messages on QNet India's page on Facebook. On 20th May, Suryakant Kaushik, posted: "Even after a month of filing for the cancellation, I am still waiting for the refund. Adding to this, I have dialled the customer care numbers-+91 99 0006 3901 & +91 96 8668 9974.10-15 times a day but nobody responded. I am very frustrated by the way my case is handled. Never thought that the refund process could take more than a month and still nothing can be said about the status."


CA Abhishek Sahay wrote this message: "hi CHIEF Pathman...on 1st AUG 2013 I bought QVI Club membership from QNET for Rs2.61 Lakh and on 2nd August, I requested to cancel it and refund full amount, QNET official assured initially to refund full amount but now they are not responding my call or email. I request you to please look into the matter and get my full refund as soon as possible. My IRship is IN*****9 and email is [email protected]; Please do not let me feel cheated by your Company QNET. Please do not check my calmness. Refund my money ASAP."


Bala Kavassery posted this message: "I have been requesting since last 5 days with QNet support team India for cancellation of my IR IN*****4 and refund of vacation package ordered earlier. No support or response forthcoming till date. Once again request for my IR cancellation and refund of vacation package amount."


As Moneylife wrote earlier, Ashu Dutt, a well-known television journalist shared how he and his family became a victim of QNet. He said, "QI/ QNet/ QuestNet/ GoldQuest/ Faith Network is not just a fraud, but they lure women to break away from their families and then go after the family money. My own wife fell into this trap. Once this was done, they got her to put money from our house and relatives. Once they trap the women, they go after their wealth. My wife has now gone on to take over our assets by changing directors and doing all kinds of illegal corporate stuff guided by QI kingpins. This is my story. I can tell you that there are hundreds of Indian families that have been ruined by these people. In Mumbai, they use hypnotism and cult-like practices (wearing white clothes with blue pendants)."


In India, QNet’s MLM operations were controlled by QuestNet Enterprises (India) Pvt Ltd, a company registered at Chennai till 13 April 2012. From next day, it shifted all its registered agents, database and business to Vihaan Direct Selling Pvt Ltd, company registered in Bengaluru.


Moneylife has done extensive work on all MLMs and come to the conclusion that all of them fall foul of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.  We have also made representations to the Prime Minister’s office to ban MLMs altogether or allow them to operate under a clear regulatory framework under a designated regulator.


Today, while tens of thousands MLMs and Ponzis are cheating people no ministry or regulator is in charge. The ministry of corporate affairs (MCA) does not even require these companies to be incorporated in India. This ludicrous situation persists at a time when there is such heated debate about legitimate foreign direct investment in retail and insurance.


You may also want to read...

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?




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

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

1 year 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

atul gupta

1 year ago

Be ready to fight against QNET and all your uplines including friend.
Find QNET REFUND and FIGHT AGAINST QNET procedure as below.
1st Option
If your purchase on product receipts is in INR rupees then with in 30 days of purchase or if your purchase is in USD dollar then with in 7 days you can send email to Qnet customer support for refund otherwise Qnet will deny you refund. Then go to 2nd option which all need to go for even after you get refund to get QNET banned from India and to save our brothers & sisters.
1. Get your IR ID first.It will come to your mail box once your upline register your email id on portal. If email id is given wrong then call Qnet customer support numbers and complain about your upline. Ask your IR ID and products purchased details from them.
2. Send a cancellation mail to the support team of QNET with a subject line as "REFUND IN****".
provinding all details of transactions and product details.Usually IR number will be like IN4444 and all. Attach scanned PAN CARD and product receipts in the mail to them.
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
3.Once this mail is sent, the support team will create a CRF number and sends to Hong Kong team for approvals for the refund request. It will take 15-20 working days for the approvals for refund request.
4.Meanwhile, mail them or call them on every alternative days for an update.
9900060605-rekha,jasvinder kaur
5.Once Refund request is completed ,they ask for the mode of payment.
Ecards or Account Money transfer. Better go for Money transfer to your account.
If you opt for account transfer, then you have to send a scanned copy of your account cheque leaf or bank statement.
6.After 20 working days, you will get your money refunded of the product to your bank account.
7.Rest of money left , you collect from your upline by filing complaint in local police station.

2nd Option
pls all go for 2nd option even if you get money refunded as per option 1 by QNET to ban QNET and save indians.
File written complaint/FIR against your friend and all uplines at local police station and write in complaint that QNET is running money circulation scheme which is banned in india as per prize ,chit and money circulation scheme ,1978. Your uplines will be called by police and they will return you money through QNET or themselves as you can not get refund from Qnet after one month is over if products purchased through indian portal and after 7 days if purchased through world portal. Warn your uplines that you are going to file complaint/FIR against them. Besides above process kindly by post or by hand send your complaint to THE DCP, ECONOMIC OFFENSES WING, MANDIR MARG, DELHI also to ban QNET by using format of complaint given below.
In your complaint attach uplines photos, mobile numbers, your bank account statement if you transferred money from your account to upline account or cash/DD deposit receipt, pan card, address proof, purchase receipts. Mention in your complaint that meeting took place nearby your home or office otherwise local police will ask you to lodge complaint at police station where actual meeting took place. File complaint at your nearby police station and EOW DELHI both to fight against QNET. Do not sign any affidavit asked by your uplines to give back your money. Please whatsapp me at 9871853120 only if any confusion.

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

HC order against Qnet terming it as money circulation scheme and therefore illegal.

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

Sensex Crashes 769 points as US Bond yields soar, scaring both bond and equity players

As the US Treasury yields soared to their highest in two years yesterday, foreign investors sold off bond and equity, pushing rupee to an all-time low of Rs62/$ 

The Sensex today fell by a huge 769 points, a selloff that has no apparent reason except that the rupee weakened a bit more. Rupee has been weak for the past two months and today it weakened by 0.77% to 61.99. What caused this massive selloff, when Rupee had already closed at Rs61.54 on August 6th?

One of the most important reasons lies in little-discussed US bond market. Yesterday, August 15th, the 10-year US Treasury yield touched 2.823%, its highest level since August 2011. The US Labour department on the day reported that the total number of Americans filing for unemployment benefits for the first time last week fell to a near six-year low.  A week back we had mentioned to keep an eye on US Treasury yields (Read: Rupee Weakness: Its not just CAD, keep an eye on US 10-year yield). US Yields are rising because of fears that the Federal Reserve may start tapering its bond-buying programme of $85 billion a month. As US economic data continues to improve, this has led to a sell-off in the US treasury market, on expectations that the Fed will pull back its monetary stimulus program. What does this have to do with Indian market?

In the Indian market, over the past five trading days, foreign institutional investors (FIIs) have sold over Rs6,500 crore of bonds in the debt market. The 10-year Indian Government bond yield was up by 36 basis points from 8.14% as on 8th August to close at 8.50% on 14th August.


The Indian economy has become too dependent on foreign capital. In the past few months we have seen a heavy outflow from the debt markets because of rising US yields, weakening the rupee. The central banks efforts to tighten liquidity in order to boost the rupee have turned out to be fruitless in the face of such huge outflows. In the past two and a half months there has been an outflow of over Rs50,000 crore of foreign investments from the Indian debt market. As seen in 2007-08, the rupee appreciation happened mainly due to FII inflows into the capital market in India.

What next? US Treasury bond yields are near their lowest levels in the last two decades. With the recent uptrend in yields and with signs that the Fed may end its stimulus programme, will yields continue to trend higher? Rising US yields would make emerging market bonds look even more unattractive leading to massive sell-off from bond markets of these countries, leading to a further weakening of rupee. That is the worry for FIIs, making them sell.

Unlike equity markets, where investors look for the long term rise in value thanks to rising corporate profits, in debt markets a few basis points difference could inflict losses with little chance that holding the bonds for the long term would turn a loss into a profit.

Also, given India’s current economic situation with a high current account deficit, rising inflation and depreciating rupee it would be highly unlikely for the Reserve Bank to cut interest rates soon and bond yields would fall. FIIs have a total investment of $28,700 million as on 14 August in the Indian debt market. This has come down from around $37,400 million as on the end of May 2013. There is still a huge amount of assets of FIIs in the debt market and this leads fears if they continue to sell their investments. This has caused fear and panic in the minds of investors, especially the FIIs and this is one of the reasons there has been a massive sell-off in the equity market as we have seen today.


The inefficiency of the UPA-2 government does not give any hope. Exports are weak, foreign investment has slowed down and India is mainly dependent on FII capital inflows for equity and debt. There is no immediate solution to India’s fundamental problems of a wide current account deficit and funding this deficit in an uncertain global economy through capital account. As long as US bond yields keep rising on better US economic data, we may see further outflows from the Indian debt market which would lead to a weaker rupee and weaker stock prices, under the current correlation. Conversely, a weakening of US bond yields will set up a corrective rally.


Also Read:

Weak FII inflows enough to weaken the rupee

Watch FII debt flows for rupee volatility



Dr anil k kothari

4 years ago

iT IS SENSEX WHICH is BEING manipulated otherwise the stock prices are far below the Oct 2008 levels.The economy is in worst situation than 1991 on all except FE reserves front but their is huge amount of hot money in the Fe reserves. we need some structural changes. First to reduce fiscal deficit the Govt expenditure must be cut. It can be reduce by curtailing the no of cars in any carcade should not be more than three. freeze on DA.Reduction in salary by better goverenance and outsourcing function which are not necessary just like Ticket booking by railways, closing down loss making Airline and other PSUs which has become drain on exchequer.Sell surplus land available with Railways, and other institutions.State govt can also be asked to reduce expenditure. freebeeis must be curtailed. Misuse of subsidies must be reduced.


4 years ago

And this morning in the pre-opening session, the CNBC anchors were congratulating themselves for the resilient opening despite the weak global cues. And there were the analysts who were predicting the Nifty range of 5600-5900.



In Reply to pravsemilo 4 years ago

If you ask the analysts about the crash, they would reply with a fusty smile "that's stock market".

Vinayak Bhimarao Mudholkar

4 years ago

Is Us economy really improving?....then why Detroit?....Isn't it on steroids?


Abhijit Gosavi

In Reply to Vinayak Bhimarao Mudholkar 4 years ago

The US economy has its foundations intact: there is a pretty strong infrastructure and a lack of corruption. These factors encourage new businesses to grow and then thrive (at the cost of old businesses, e.g., Detroit). Plus, the US carefully controls inflation. If you allow the sort of horrible inflation that exists in India, the rupee will keep sliding, and there will never be an improvement in the economy. The Sensex/Nifty are just reflecting this reality.

Sensex, Nifty to remain under pressure: Friday Closing Report

Nifty crashed through 5,635 and headed sharply lower. More decline may be in store

As the Dow Jones Industrial Average crashed yesterday by 226 points and US 10-year treasury yield crossed 2.8%, a 2-year high, the Reserve Bank of India (RBI) measures to control the rupee fall by imposing selective capital controls on outward remittances, failed hopelessly. In the face of such global headwinds, a massive selloff hit the Indian market on Friday. The Sensex and Nifty both opened in the negative and soon they hit their respective intra-day high. After this, both the indices slid continuously and closed deeply in the negative.


The Sensex opened lower at 19,297 and hit a low of 18,560 and closed at 18,598 (down 769 points or 3.97%). Nifty opened lower at 5,705 and hit a low of 5,496 and closed at 5,508 (down 234 points or 4.08%). The percentage loss of 3.97% on the Sensex is the maximum since 22 September 2011 while for the Nifty, the loss has been the maximum since 17 August 2009. The National Stock Exchange (NSE) recorded a volume of 68.12 crore shares.


All the major indices on the NSE except for India Vix (up 26.42%) and Nifty Dividend which ended flat, closed in the negative. Lix 15 was the top loser, down 5.65%.


All the other indices ended in the negative. Realty (down 6.66%); Bank Nifty (down 5.74%); Metal (down 5.47%); PSU Bank (down 5.38%) and Finance (down 5.27%) were the top five losers.


Of the 50 stocks on the Nifty, three ended in the in the green. The top gainers were Hero MotoCorp (up 2.17%); Power Grid (up 1.13%) and HCL Technologies (up 0.20%) while Jaiprakash Associates (down 11.09%); BHEL (down 10.92%); Axis Bank (down 9.36%); Bank of Baroda (down 8.63%) and Reliance Infrastructure (down 8.52%) were among top losers today.


The RBI on Wednesday increased efforts to stem the rupee’s plunge by cutting the amount local companies can invest overseas without seeking approval to 100% of their net worth, from 400%. Among other measures, the RBI has also announced reduction in the limit for remittances made by resident individuals, under the Liberalised Remittance Scheme (LRS Scheme), to $75,000 from $200,000 per financial year. The present set of measures is aimed at moderating outflows. However, any genuine requirement beyond these limits will continue to be considered by RBI under the approval route.


Also on Wednesday, the banking regulator banned import of gold coins and medallions. Now importers of gold will have to pay upfront before getting any of the yellow metal with the condition that at least 20% of the gold imported will have to be re-exported and the balance for domestic use.


US market fell sharply on Thursday. The better-than-expected data of jobless numbers heightened fears of imminent tapering of the Federal Reserve's bond-buying program. Market now awaits the reports on US housing starts and consumer confidence.


Except for Taiwan Weighted (up 0.48%), all the other Asian indices fell. Jakarta Composite fell the most, 2.49%. Indonesia is in the same situation as India – of rising interest rates and inflation.


China’s stocks had a torrid day today ending in a negative territory apparently due to a computer glitch. The Shanghai Stock Exchange (SSE) said this afternoon that the department of investment strategy of Everbright Securities Company encountered a problem in its arbitrage system when it was operating on its own funds during the morning trade on the bourse.


So far, there is no official conclusion as to whether there is a direct correlation between Everbright’s trading error and the market’s sudden surge, state-run Xinhua news agency reported.


European indices were trading mostly in the red while US Futures were trading in the positive.


TVS Motor Company has dis-invested 7.35 crore shares of its unit TVS Energy Ltd, constituting 90.46% of share capital of TVS Energy to Green Infra Ltd. Consequently, TVS Energy and its subsidiaries, viz., TVS Wind Power Ltd and TVS Wind Energy Ltd, cease to be subsidiaries of the TVS Motor from 16th August. TVS Motor fell 4.67% to close at Rs30.60 on the NSE.



Nitin N Varia

4 years ago


The RBI have done more than enough to defend the rupee as a policeman of the country. But the army to defend the rupee under field marshal P. Chindarbaram the FM the eloquent dancer of words and twister of policies such as export parity or trade parity for subsidy on Diesel and the smiling face of seeing the rupee fall is the protagonist of the whole drama.

The Indian public is a mute spectator and by having the rupee cross 62 the politicians money will flow from tax heaven to India for the election expense. TO THE ADVANTAGE OF THE PARTY THAT HAS MAXIMUM OF BLACK MONEY PARKED ABROAD.

The protagonist FM needs to be conscious about the present state of affairs and transcend from acting to action and all will be all right. For this he has to have a heart of an Army General and not a mind FULL of fear of consequences to defend Mother India. THE CAD CAN BEST BE CONTAINED BY CURTAILING CONSUMPTION AND NOT GROWTH BY ALLOWING OMC TO HAVE TOTAL DECONTROL OF DIESEL. Today each family have 2 or 3 cars and many with diesel cars. The luxury to the Indians by loose fiscal policy is hurting the average middle class more than the rich. The Gold is a dead investment so the duty may be hiked to 40% or totally banned so that the perception of lucent joy fades. Hiking it by 2%IS A DRAMA TO FOOL THE PEOPLE. During second world war sugar was so expensive that the Britishers started taking tea without sugar to be able to pass the phase of the war. This is what the Chief of Army the FM needs to be working at instead of a drama for the election. By doing so the loss to UPA is guaranteed and by hard decision the success is redeemed.

It is time the media catches the protagonist head on to save the rupee lest the punters in London Singapore and Zurich have vowed to make the FM kneel on his knees by taking the rupee cross 64 on 23.8.2013 and so its time that FM acts in the interest of the country as a chief of Army and not as a protagonist of the rupee fall.

The leading economist all over the world and the man on strip agree on one point that if there is no earning of dollars to bridge the CAD and fiscal the solution is only one to curtain consumption irrespective of how hard the decision is and that fearlessness will earn him the post of PM otherwise he will thrown out to the dust bin.

The FM have to transform himself from PROTAGONIST TO being a chief of army in winning the rupee glory and stop the drama on t.v. of smiling face devoid of action and putting the blame of FED and external factors. The PM have reposed full faith in the FM yet out of fearfulness he PLACATES MORE THAN LIGHT the RUPEE

The Hindu, you are the India's premier reporting with facts without distortion hence this mail to you.

Nitin N. Varia

Nitin N Varia

4 years ago

The RBI have done more than enough to defend the rupee as a policeman of the country. But the army to defend the rupee is under field marshal P. Chindarbaram the FM the eloquent dancer of words and twister of policies such as export parity or trade parity for subsidy and the smiling face of seeing the rupee fall is the protagonist of the whole drama.

The Indian public is a mute spectator and by having the rupee cross 62 the politicians money will flow from tax heaven to India for the election expense.

What the protagonist FM needs to be sincere about is transcend from acting to acting and all will be all right. THE CAD CAN BEST BE CONTAINED BY CURTAILING CONSUMPTION AND NOT GROWTH BY ALLOWING OMC TO HAVE TOTAL DECONTROL OF DIESEL. Today each family have 2 or 3 cars and many with diesel cars. The luxury to the Indians by loose fiscal policy is hurting the averge middle class more than the rich.

It is time the media catches the protagonist head on to save the rupee lest the punters in London Singapore and Zurich have vowed to make the FM kneel on his knees by taking the rupee cross 64 on 23.8.2013 and so its time that FM acts in the interest of the country.

The FM have to tranform himself from PROTAGONIST TO being a chief of army in winning the rupee glory and stop the drama on t.v. of smiling face devoid of action and putting the blame of FED and external factors.

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