Companies & Sectors
SBI merger with associates: Nothing to be excited about

State Bank of India (SBI), the country's largest state-run lender is checking out the possibilities of acquiring its five associate banks, including assets and liabilities. However, this merger will not bring any significant benefit to SBI, in fact it will lead to a pre-tax hit of around 15% to 17% on the lender's consolidated net profit, says Religare Capital Research Ltd.

 

In a research note, Religare says, "In the previous mergers of State Bank of Indore in 2010 and State Bank of Saurashtra in 2008, SBI incurred losses on amalgamation of Rs890 crore and Rs610 crore respectively, largely on account of pension liability. These mergers occurred over five years ago, and the outgo at this juncture will be much higher, resulting in a one-time hit on profitability at a time when the bank (SBI) is already reeling under the weight of non-performing assets (NPAs). We believe the impact due to one-time pension cost will be Rs3,500-Rs4,500 crore, translating into 15-17% of pre-tax consolidated profit for SBI."

 

SBI's associate banks include State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore.

 

SBI’s employees are covered by both pension and provident fund, whereas not all employees of associate banks are eligible for pension – this implies an additional pension cost for SBI.

 

Religare says, over the past three years, the employee base (standalone) of SBI has declined by 10% due to control over cost and adoption of technology. "However, we see no scope for reducing the employee count after merger even if warranted. Thus, the benefits of lower operating cost and synergy from rationalisation of branches will occur only in the long term and will depend on management efficiency," it added.

 

There is no material difference in asset quality and capital ratios between parent SBI and associate banks, Religare says, adding, "We see no improvement in asset quality ratios and capital levels for SBI after the merger as its gross NPA (standalone at 5.1% and associate banks at 5.23%) and tier 1 capital (standalone at 9.6% and consolidated at 9.4%) are marginally lower on a consolidated basis as compared to standalone. In addition, restructured assets on a consolidated basis are also higher."

 

SBI is also trying to acquire Bharatiya Mahila Bank (BMB), which was set up as first bank for women in India. SBI says it would explore this acquisition once the central government gives an in-principle approval to start negotiations with BMB.

 

Religare says, "The acquisition of BMB, which has around 85 branches and equity capital of Rs1,000 crore with Rs200 crore loans, will increase SBI's group tier 1 capital by Rs100 crore."

 

While SBI is getting ready to merge its associated banks with itself and acquire BMB, this is not a precursor for mergers of other state-run banks, Religare says.

 

According to the research note, the merger between SBI and its associate banks is the easiest among state-run banks, as all of these entities are on the same technology platform and have the same employee culture. "A similar initiative would be a difficult, tedious process for other state-run banks which could create employee turmoil and waste management bandwidth for two-three years," it added.

 

Due to the move to merge associate banks with itself, SBI is facing downside risk for its earnings for FY2017, mainly due to one-time merger related costs, Religare concluded.

User

COMMENTS

Ramesh Poapt

9 months ago

sbi can't improve performance,the only sensational news by which
it can be in headlines, and a teaser on hand instead of recovery which is more tough!

Simple Indian

9 months ago

Most PSUs regardless of the sector / industry they operate in are / have been loss-making for a long time, kept afloat by the benevolent govt with taxpayers money. The days of Nehruvian democratic socialism is long over, and the world has moved on to free market economy decades ago. China had about the same GDP as India did in the early 1980s, but it sensed the way the world was moving, and invested heavily in infrastructure development and manufacturing industries, making it the global manufacturing hub after a few years. China's GDP is now about 10 times that of India's.
I always believed that Congress party was chiefly responsible for scuttling India's economic progress with its leaders like Nehru, Indira, and Rajiv having followed flawed and outdated economic policies, which stunted rather than boosted economic growth in India. The PSUs are the legacy of Nehru's democratic socialism of the 1950s-60s. While it may have had limited purpose and need in those times, PSUs should have transformed themselves into competitive entities comparable to the private sector counterparts. Instead, they remained entrenched in socialistic ideals, and ended up with strong employees' unions, which refused to let changes in management of these PSUs. SBI is a behemoth which can easily merge many other PSUs (affiliates, to begin with) with itself even if it has to absorb their liabilities in the short-term. It would be a good move in the long-term for PSU Banks' competitiveness, but the Unions of these PSU Banks is so strong that they will never allow such mergers, which may render many of the union leaders and staff jobless, or get retrenched over time, with adoption of more technology for delivering services - like private sector Banks do. While there seems to be a hint of political will for radical economic reforms by PM Modi, he lacks political mandate, esp. in RS, to push through legislation which can ensure the morass in our economic setup, particularly the rot in the Banking system is flushed out. India is a country of freeloaders (as is known during elections) and it will be impossible for political parties to take on strong employee unions in PSU Banks, which can adversely impact the political climate in the country.

Nataraj S K

9 months ago

There was no point in starting a new Bank-- The bharatiya Mahila Bank,,which is now proposed to be merged with it's parent,the SBI. Another political decision that has apparently gone wrong,and has not worked.The needed corrective measures have to be effected,without doubt.

Microfinance industry grows 84% in 2015-16!
The aggregate gross loan portfolio (GLP) of microfinance institutions (MFIs) grew 84% to Rs53,233 crore during the last quarter of FY15-16. At the same time number of MFI clients increased 44% to 3.25 crore during the same period says a report.
 
In its 17th edition of Micrometer, a quarterly report, the Microfinance Institutions Network (MFIN) says, "South India leads the way with 35% share in GLP followed by North and West which stand at 25% and East contributing 15%."
 
 
"It is interesting to note that growth has been both in the Gross Loan Portfolio as well as in the number of clients. There has been a growth of 44% over the previous financial year. Over the previous year, MFIs have been bringing down their rates of interest and today, one of the largest MFIs, SKS Microfinance is offering products at sub 20%. The industry is maturing and the growth is an indicator of this," says Ratna Vishwanathan, Chief Executive Officer, MFIN.
 
MFIN is the self-regulatory organisation (SRO) of the Reserve Bank of India (RBI) regulated non-banking finance companies (NBFCs) MFIs. Its quarterly report contains data of 56 NBFC-MFIs. 
 
 
"Growth of 36% in total number of loans disbursed by MFIs in FY 15-16 when compared to FY14-15 shows the rapid pace of expansion of the industry. Average loan amount disbursed for each beneficiary has also witnessed a growth in FY15-16 and stands at Rs17,805 as compared to Rs14,731 in FY14-15," the report says.
 
With branch network of 9,669 and employee base of 87,402, MFIs now cover 30 states and Union Territories. As per the report, productivity ratios for MFIs continued to move upwards. Average GLP per branch is now at Rs5.5 crore, up by 51% over FY14-15 and average GLP per loan officer stands at Rs98 lakh, 33% more from the last year.
 
The current issue of Micrometer does not include data of Bandhan Bank which converted into a bank in Aug 2015.

User

COMMENTS

suneel kumar gupta

9 months ago

Here also I see same old phenomenon like nationalized banks. Now industry will grow by giving loans which is easy. When recovery time comes, these will be bad loans and microfinance industry will also be poor performer.

Meenal Mamdani

9 months ago

Recently Thomas Frank, a liberal writer and journalist, wrote in Harper's that microfinance was a big fraud being perpetrated by the wealthy to the detriment of the poor. His point was that apart from the poor being coerced into taking loans, govts shrugged off the responsibility of coming up with programs to alleviate poverty, putting the responsibility on the poor themselves to better their lives.
He does have a point and some MFI have been guilty of pushing loans hard to show good numbers to their investors.
However he ignores the enormous good that microfinance does. Most of the MF groups I have encountered give loans to women who would otherwise have no access to funds. Even a small amount of money improves a woman's status, self-esteem and gives her options to face life's problems. Most of the rural groups use micro-finance as just one of the tools to improve the lives of their members. They provide other support such as help with income generation, education, etc.
There is a huge need for small unsecured loans not only in India but also in rich countries like USA so I am very happy to see the increase in MFI members.

QNet: Probe role of Bollywood stars in promoting the MLM, demands complainant

Gurupreet Singh Anand, the original complainant in the QNet multi-level marketing (MLM) scam has demanded a detailed probe of the role played by Bollywood stars like Shah Rukh Khan, Aamir Khan, Anil Kapoor, Boman Irani and Pooja Hegde in promoting the company. 

 

"As per the reports of the Serious Frauds Investigation Office (SFIO), activities of the QI group have become a threat to the nation's security and hence the involvement of the big names who are directly or indirectly helping this company in its anti-national acts of money laundering cannot be ignored any longer as otherwise the Indian economy will be severely crippled," he said while addressing the press in Mumbai.

 

Some people, allegedly independent representatives (IRs) of QNet turned up and tried to disrupt the press conference called by Anand at the Press Club. However, they were moved out from the venue when Police came following request from Anand.

 

 

According to Anand, who had filed a complaint to the Economic Offences Wing (EOW) of Mumbai Police for probing role of Bollywood celebrities, the main mastermind of this decade old scam and QI group chief Vijay Eswaran resides in Malaysia and is shown as absconding in the charge sheet filed by the CB-CID at Chennai. However, earlier this month, Eswaran as well QNet's other absconding officials were present in the company's annual meet VCon, held between 3rd to 7 May 2016 at Penang city in Malaysia along with actor and producer Anil Kapoor, he added.

Anand said, "The actor (Kapoor) went further and clicked photographs with QNet chief Vijay Eswaran, who is prime accused in the first information report (FIR) filed at Mumbai and Tamil Nadu Goldquest case, Pathman Senathirajah, another accused, Sathi Senathirajah, Zaheer Merchant-Legal Head, and Dev Wadhwani. The more disturbing part was that his pictures with Infinity (one of the most aggressive team of QNet IRs in India) founders Wadhwani, an absconding accused and Sachin Gupta, who is also absconding in the Mumbai EOW case, were found to be circulating in social media by Indian and other independent representatives (IRs) of QNet. The SFIO, in its secret report has termed GoldQuest and QuestNet companies as 'a potential threat to national security' and yet we find Bollywood actor Mr Kapoor's photos with absconding criminals."

 

 

"In spite of having complete and full knowledge of background of the company, Mr Kapoor went one step ahead and posted a tweet through his personal account, which is followed by one million people. His pictures, statements were quickly circulated through social media by the company's official PR (linked here http://www.qbuzz.qnet.net/blog/2016/05/06/anil-kapoor-makes-splash-vcon16/ ) and by thousands of Indian IRs so as to drive home the point that the business of the company was legal in India," Anand said.

 

 

 

According to Anand, another Bollywood star Shah Rukh Khan was brand ambassador of QIComm of UK, which is a unit of QI group. "Videos of the brand endorsement are still being circulated by QNet representatives to cheat Indians. The videos are all available on YouTube https://www.youtube.com/user/qicomm , which were shared with me by an investigating agency. However, there is still no action or investigation in this matter. Incidentally, QIComm has been recently declared as bankrupt by the UK government," he added.

 


Anand said, "I have been informed that high volume cash transactions caught across the borders of UK were actually proceeds out of recruiting new people under the QNet scan and since QNet is not officially operating in UK, the proceeds were being laundered through QIComm. This UK company had been offering various sham and bogus products online. One such product is called In-Voice, which enables the buyers to use VOIP protocol to make international calls using the Internet. Many people in India were sold these products though QIComm. QNET or Vihaan do not hold any valid license to offer international calling services from India. These companies have not only cheated Indians using the name of Shah Rukh Khan but also compromised on the national security of our country."


"The details of monetary transactions between actor Shah Rukh Khan and QIComm for advertising and promoting the company's products must be investigated," Anand demanded.

Similarly, another Bollywood actor Aamir Khan was shown on a Facebook post shared on QNet's official page along with Mark Ferreira, son of Michael Ferreira, another accused in the case. One Parth Parikh, who shared this photo has stated under the photo, "Hurrey we signed Aamir Khan in our business. Let rock xxx".

 
Earlier, Anand, the first informant in the QNet case, had filed a complaint against Bollywood actor Boman Irani and his son for allegedly aiding and abetting the scam in India. In his complaint, Anand had provided details like training conducted by Mr Irani at Khandala. (Read more QNet: Complaint filed against actor Boman Irani and his son)
 
However, Anand says, despite his detailed complaint, there was no action taken by Mumbai Police. "As per my information he (Mr Irani) has not been sent any notice for an enquiry or investigation and such a failure of the EOW, indirectly indicates that, the so called celebrities with connections, involved in this scam are above the law and beyond prosecution from Mumbai Police. The said fact has been used to lure more and more innocent people into this QNet scam and thereby launder thousands of crores out of India," he added.
 
Anand also highlighted the involvement of another actor Pooja Hegde in the QNet scam. Pooja is daughter of Latha and Manjunath (MS) Hegde. In August 2013, the EOW had arrested Bandra-based Manjunath Hedge for cheating in the QNet case. 
 
He said, "Pooja Hegde is a top up line, a member of In-service team of QNet. She attended VCon in 2013 held in Malaysia and we have video evidence of her presence at the event along with her own updates on Twitter about QnetVcon2013."
 
 
 
"I sincerely request the investigation agencies and government authorities to investigate and take action against the abovementioned personalities so as to find out how much money from the proceeds of crime has had made way into Bollywood directly or indirectly. Also they should probe on how names of these actors have been used to cheat lakhs of people into this illegal money circulation scheme and launder thousands of crores out of India. A special investigation team (SIT) was to be set up but there is no further development on this. Unless strict investigation and action is taken against such people however big and influential they maybe, these kinds of scams will not stop in our country and it is high time that we stop it," Anand concluded.  

Separately, police on Tuesday arrested Ram Singh, one of the top most leader of QNet from Bengaluru. Singh was brought to Mumbai and remanded to five days of police custody by the Sessions Court.

 

User

COMMENTS

gurupreet

5 months ago

GOOD NEWS...QNET VICTIMS IN MUMBAI...DEDICATED QUESTIONS & ANSWERS SESSION FOR QNET VICTIMS on Sunday 18th September 2016.

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

Jai Hind.

atul gupta

5 months ago


Be ready to fight against QNET/VIHAAN and all your uplines including friend.
Find QNET REFUND PROCESS and COMPLAINT 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 and products receipts first. Both will come to your mail box once your upline register your email id on portal. If email id is given wrong by your friend/upline then first send email to Qnet customer support with copy of Pan Card and ask them to update your email id first. Qnet will confirm you updation of your email id. Then call Qnet support and ask your product purchase details.
2. Send a cancellation mail for both products and IR ID 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]
[email protected]
[email protected]
3.Once this mail is sent, the support team will create a CRF number and send to Hong Kong team for approvals for the refund request. It will take 20-30 working days for the refund to be processed by Qnet.
4.Meanwhile, mail them or call them on every alternative days for an update. QNET Numbers are :
9900060061,62,64,68-Veronika
9900060605,9148149320Jasvinder
5.Once Refund request is completed ,they ask for the mode of payment. Better go for Money transfer to your account, then you have to send a scanned copy of your cancelled 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 30 days are 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.
https://drive.google.com/file/d/0ByQ-yz2wwceEX3BEV3kxZlNkbDg/view?usp=drivesdk
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

6 months ago

http://zeenews.india.com/news/maharashtra/qnet-case-sc-directs-maharashtra-govt-to-file-latest-probe-report_1924693.html
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.
ANI

atul gupta

7 months ago


Be ready to fight against QNET/VIHAAN and all your uplines including friend.
Find QNET REFUND PROCESS and COMPLAINT 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 for both products and IR ID 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]
[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. QNET Numbers are :
9900060061,62,64,68-Veronika
9900060605, 9148149320Jasvinder
5.Once Refund request is completed ,they ask for the mode of payment. Better go for Money transfer to your account. If you opt for account transfer, then you have to send a scanned copy of your cancelled 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 30 days are 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.
https://drive.google.com/file/d/0ByQ-yz2wwceEX3BEV3kxZlNkbDg/view?usp=drivesdk
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

7 months ago

http://www.newsambit.com/eow-of-delhi-police-registered-case-against-qnet-india-and-its-irs/
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 www.unetindia.in and www.cmetindia.net 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

8 months 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.
Numbers:
9900060061,62,64,68-veronica
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.
https://drive.google.com/file/d/0ByQ-yz2wwceEX3BEV3kxZlNkbDg/view?usp=drivesdk
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.

atul gupta

8 months 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.
Numbers:
9900060061,62,64,68-veronica
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.
https://drive.google.com/file/d/0ByQ-yz2wwceEX3BEV3kxZlNkbDg/view?usp=drivesdk
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. Please whatsapp me at 9871853120 only if any confusion.

atul gupta

8 months ago

File written complaint 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 lodge your complaint to THE DCP, ECONOMIC OFFENSES WING, MANDIR MARG, DELHI OR EOW MUMBAI also to ban QNET from India to save our brothers & sisters. In your complaint attach uplines photos, mobile numbers, your bank account statement if you transferred money from your account to upline account or DD slip if you gave DD in favor of Vihaan direct selling, latest news against QNET in google search, QNET products receipts copy. Make 2 sets of your complaint and lodge FIR or Complaint in your nearby police station. Do not mention in complaint actual place where meeting took place otherwisepolice will send u to other police station where meeting took place so write in complaint that meeting happened nearby your home so that u could lodge complaint in nearby police station to your home. Police will take in writing from your uplines about giving back your money at certain date. You will get back your money. Do not sign any affidavit if asked by your upline for giving back you money as We need to ban this QNET from our India to save future victims. Contact me at 9871853120 if any extra information required. Go and file case at both local police and crime branch of your city to fight against QNET and for getting your funds back.

atul gupta

8 months 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.
Numbers:
9900060061,62,64,68-veronica
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 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 lodge your complaint to THE DCP, ECONOMIC OFFENSES WING, MANDIR MARG, DELHI OR EOW MUMBAI also to ban QNET from India to save our brothers & sisters.
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, gurupreet singh anand first FIR copy against Qnet scam and google news 5-6 against Qnet. 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/Crime branch both in your city to fight against QNET. Please whatsapp me at 9871853120 only if any extra information required.

KRISHNA KUMAR GUPTA

9 months ago

Simply there is no use of such articles, news and even govt actions against QNET. They are happily doing their activities without any hindrances all over India, Delhi, Hy'bad, B'lore, Kolkata (their new favorite hub) and many other cities.
Last day one of my friend told me that one common friend is insisting her to invest about 3.5 to 5.5 lakhs without letting her know about the business...!! This proves that nothing can be done against it as Indian Govt is incapable in this regard, but we have to keep educating our people to keep distance from such people.

jitu moni

9 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

9 months ago

http://timesofindia.indiatimes.com/city/mumbai/EOW-to-now-probe-celebs-role-in-QNet/articleshow/52333087.cms
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.

Ramesh Poapt

9 months ago

GR8 at least, Moneylife!

Simple Indian

9 months ago

With such scams surfacing time and again, it is necessary that laws relating to promotions and endorsements be reviewed and revised to ensure that hapless citizens don't fall prey to such endorsements by celebrities they idolize. While some may absolve the role of celebrities in promotions and endorsements, it is a fact that many buy products and services of a company, when popular celebrities endorse them with gusto, as if they themselves use those products / services. So, when celebrities add "credibility" to products with endorsements, thereby boosting sales (which pays for their hefty endorsement fees) then they too are bound to be held responsible for delivery of substandard products / services endorsed by them. They can't absolve themselves that they are merely promoting the product, while the company making those products ought to be legally liable for deficiencies. While the company making the products would be certainly legally liable for deficiencies (as in the Amrapali Group case recently, where M.S. Dhoni promptly stopped endorsing them when flat buyers raised hue & cry over non-delivery of flats as promised by Amrapali), the celebrities are morally responsible for having influenced the buying decision of buyers. It's time the laws are amended to ensure that those who endorse products / services are also legally liable for any deficiency in delivery of the product / service as promised in their endorsements.

REPLY

gurupreet

In Reply to Simple Indian 9 months ago

Well said simply Indian,__/\__

gurupreet

9 months ago

I pity you

R
A
J
...
P
L
E
A
S
E
...
R
E
A
D
....
O
R
D
E
R
.....
O
F
Bombay
High
Court
.... W
H
I
C
H

.....
Says...
That
Qnet
Business
Is
A
Fraud
Business
....
Test
Rest
I
Pity
You...
R
A
J
.... I
Am
Sure
Some
Day
You
Will
Be
Arrested
Some
Where
In
India...

Btw... Your uplines will be damn angry on you for not following their instructions of not commenting on negative news about qnet

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