Moneylife Events
Understanding CIBIL report and keeping the score high with safe and smart saving
It has been around 12 years since Credit Information Bureau (India) Ltd (CIBIL), the country’s first credit bureau started its operations. However, there still are several myths, and apprehensions among people about functioning and the role played by credit bureaus like CIBIL as well the credit score. To demystify such myths and explain easy ways to improve the credit bureaus for becoming responsible borrowers, CIBIL along with Moneylife Foundation and Softcell Technologies held a seminar in Mumbai. 
 
The speakers included Harshala Chandorkar, Chief Operating Officer (COO) of CIBIL, Sucheta Dalal, Managing Editor of Moneylife magazine and Debashis Basu, Editor & Publisher. 
 
The first session began with Ms Dalal speaking on the mistakes that affect your financial life and how to keep money safe from financial mistakes, Ponzi schemes, email fraud etc. Many have lost huge amounts of money in pyramid, Ponzi, multi-level marketing (MLM), chain marketing and chit funds such as Herbalife, Amway, Saradha, Rose Valley, SpeakAsia, Gold Quest or QNet. Many are oblivious of how costs and compounding interest can impact borrowings or investment. Several people want to have a credit card and do not even read the terms and conditions, especially the interest rates and charges that are usually in the range of 40% to 65%. Looking at the increased use of credit reports, credit history of borrowers and credit scores by lenders, Ms Dalal said one needs to be really careful in financial dealings, especially while availing and repaying any loan or credit card. This is because, not paying EMIs or credit card dues on time and, in full, can make the person a defaulter in the credit bureau records and disallow him any kind of credit for seven long years, she added.
 
Lured by high returns, many invest in corporate fixed deposits. Similarly, many opt for fixed deposits of co-operative banks, which pay a higher interest as compared to nationalised banks. Unfortunately, unaware of the risk involved, many have ended up losing their money in such fixed deposits. Mr Basu in his session explained that to save and invest smartly, one needs just a few products. Based on one’s financial goals, investment horizon and tax bracket, they should invest in a mix of equity and fixed income products. Not to forget, make the power of compounding work to your benefit. So, be safe as much as possible, as early as possible, in the right products, he said.
 
Ms Chandorkar, the COO of CIBIL provided some facts about the credit bureau. She said, founded in 2001, CIBIL has a membership base of over 2,000 comprising credit institutions like banks, financial institutions, non-banking finance companies (NBFCs) and credit card companies. "CIBIL operates in two segments, consumer bureau and commercial bureau. The consumer bureau hold credit information of about 500 million individuals, while commercial bureau has information of businesses and hold about 22 million records," she said.
 
Ms Chandorkar then explained in details, various sections from a CIBIL credit report and how to read and understand it. A CIBIL report contains information in sections, like personal information, accounts (held by the entity), and enquiries performed (for obtaining credit)... "However," she said, "A CIBIL credit information report does not show information like savings account, transactions details on your cards, investments like mutual funds, stocks or insurance and utility payment details."
 
The COO, who is a member of the pioneering team that established credit information infrastructure in India, then informed the audience about the credit score methodology used by CIBIL. She said that if the CIBIL credit score ranges between 300 and 900, it indicates probability of default. "While high score indicated that the individual is very likely to pay all loans on time, low score means there are more chances of defaults," she said. 
 
Explaining the parameters used in a CIBIL credit score, Ms Chandorkar said, "There are four basic components with difference weightage in a CIBIL credit score. Past performance has a weightage of 30%, while, credit type and duration as well as leverage has a weightage of 25% each. Rest 20% weightage is based on other factors."
 
According to the COO of CIBIL, 79% of the loans approved are for individuals with a CIBIL TransUnion score that is greater than 750. Anyone can purchase his/her CIBIL TransUnion score either one time (Rs550 per report) or regular subscription. CIBIL offers two subscription, bi-annual, where the individual can obtain two score reports in a year for Rs800 and quarterly subscription that provides four score reports at Rs1,200 during the 12 months period.
 
Ms Chandorkar then demystified some common myths about the credit bureau, like CIBIL is a defaulters list, CIBIL rejects loan application, CIBIL blacklists an individual and CIBIL should make changes on its own in the database. She said, none of the statements are true. CIBIL is not a defaulters' list, neither does it reject loan applications nor does it blacklist anyone. "Credit applications are accepted or rejected by lenders and not by CIBIL and since it is only a repository, it cannot make any changes in the database. It is the lenders who can make changes in their records that are submitted to credit bureaus," she added.
 
Several borrowers, especially defaulters are under the impression that once their 'account' is deleted from CIBIL, they can obtain fresh loan or credit cards. Ms Chandorkar said, "Accounts cannot be deleted from the CIBIL report. If you have closed the account it can be updated as closed account by the bank. If there are any inaccuracies in the credit report, the consumer can raise a dispute and can then get those corrected."
 
There are many credit 'repairing' firms that promise to remove for a fees the 'settled' remark from a CIBIL report. 'Settled' is a status reported on the loan account when the customer has partly paid the dues on the loan or credit card.
 
"However," the COO of CIBIL said, "this status cannot be changed unless the customer pays back all the dues and the loan or credit card is closed. Once the dues are paid in full the lending institution then report the status on this loan to CIBIL as 'Closed'. Also understand, CIBIL can only make changes to your report, once the lending institutions submit the updated or corrected data.
 
Ms Chandorkar then explained the process to correct inaccuracies in a CIBIL credit report. She said it can be done online by visiting CIBIL's dispute resolution page http://www.cibil.com/consumer-dispute-resolution. Here the person has to provide, name, address, date of birth, report control number (CN-mentioned on the CIBIL report) and the nature of dispute. "CIBIL’s Dispute Resolution Department then analyses and route the dispute to the lending institutions," she added.
 
Many people, who found that they have a low CIBIL score want to improve it overnight and often easily get lured to credit repairing agents. Ms Chandorkar says, "Your credit report and score is a reputational collateral. Cultivate financial discipline in order to enjoy all the benefits associated with it."
 
She then shared the six mantras to improve CIBIL score. Here are the six mantras...
 
1. Pay your loans, credit card bills or any other loans you may have availed in time
2. Do not over leverage yourself on credit- Apply for credit only when you really need it!
3. Maintain a healthy mix of credit
4. Monitor your co-signed, joint accounts monthly. 
5. Monitor the loan accounts for which you have stood as a ‘guarantor’
6. Review your credit score and history frequently
 
The session was followed by a lively, interactive session, where all the three speakers provided answers to several questions raised by attendees.
 

User

COMMENTS

SUNDARESAN

7 months ago

Very useful information

Remedies for recovery of company deposits
Every now and then, we come across cases involving public limited companies failing in their obligation to repay the deposits taken from investors. Presently, well-known companies like Helios & Matheson, Jaypee Associates and several others have badly let down thousands of small investors spread across the length and breadth of the country as they have failed to return the deposits due for repayment. Many of these companies have even failed to pay the interest due on those amounts.
 
A common question that is being raised by all the depositors is as to what are the options available to them for seeking relief against the defaulting companies so as to recover the amount due to them. They also want to know how to bring to book such companies and their directors who have virtually committed a fraud on investors, particularly as most of the depositors are small investors and don’t have the wherewithal to fight these large companies.
 
At the outset, it may be stated that in principle the Central Government treats the issue relating to acceptance and repayment of deposits very seriously and this is evident from the provisions in the Companies Act, 1956 (old Act) and 2013 (new Act). In fact, the new Act has imposed several conditions for acceptance or renewal of deposits including rating, creation of charge and providing insurance.
 
The provisions relating to acceptance and repayment of deposits under the new Act came in to force with effect from 1 April 2014. There have been significant changes effected in the new Act and the rules applicable to deposits. Companies that are unable to comply with these changes have no option but to refund the amount to the depositors as per the original terms and conditions subject to which the deposits were accepted by the company.
 
The issue on hand concerns few companies who had accepted deposits under the old Act and have now failed to repay the deposits in accordance with the terms of acceptance. In other words, all those companies who have committed default and are liable for action. Therefore, the question that needs consideration is as to what are the options available to an aggrieved depositor.
 
There are multiple options available to depositors who have to recover their amounts from the defaulting company. Under the Companies Act, 2013 a depositor is free to file an application under sub-section (4) of section 73 of the said Act, with the Company Law Board if the company fails to make repayment of deposits accepted by it. 
 
In fact, the said sub-section (4) clearly stipulates that when a company fails to repay the deposit or even a part of the deposit or any interest on such a deposit, the depositor concerned has a right to apply to the Tribunal (Company Law Board for the time being) seeking an order directing the company to pay the sum due to the depositor. He can also seek any loss or damage incurred by him as a result of such non-payment.
 
A depositor can also approach the District Forum or State Consumer Commission seeking redressal of his grievance. There has been a debate as to whether a person who gives money by way of deposit to a company under the Companies Act can be treated as a ‘consumer’ in terms of the provisions of the Consumer Protection Act.  There have been contrary views and at one time, even the National Consumer Disputes Redressal Commission (National Commission) was of the view that a depositor who gives deposit to a company is not a consumer.
 
However, the above issue now stands more or less settled with the National Commission upholding the right of a person to seek redressal as consumer under the Consumer Protection Act against the defaulting company to whom he had given a deposit. 
 
In M/s. Sunita Jain v/s Modern Threads (India) Ltd, decided on 16 January 2014, the decision of the National Commission rendered earlier in Mahesh Chandra Sharma Vs. M/s. Modern Threads (India) Ltd, decided on 10 October 2007 was quoted. Therein it was held that deposits made with the Company cannot be termed as loan and complaints were maintainable before the Consumer Fora.
 
Therefore, in view of the foregoing it would be possible to approach the Consumer Fora for seeking redressal against the defaulting companies. Though there is every possibility of the companies contending that a depositor is not a consumer under the Consumer Protection Act, but that argument will have to be rebutted effectively.
 
Aggrieved depositors can approach the Company Law Board seeking an order directing the company to repay the deposit and interest payable thereon for which the Board may draw up a schedule.
 
So far as criminal prosecution is concerned, unfortunately the relevant provisions in sections 74, 75 & 76A have not been made operational as the Tribunal is yet to be constituted by the Government.
 
However, prosecution may also be launched under the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 which has some stringent provisions. Though this Act refers to ‘Financial Establishment’ which has been defined as any person accepting deposit under any scheme or arrangement or in any other manner; it excludes a corporation, a co-operative society owned or controlled by any State Government or the Central Government and a banking company. In the past action has been taken under the said Act by the State Government against companies defaulting in repayment of deposits.
 
The tragedy of our country is that invariably, the victims are made to suffer, while the culprits go almost scot-free. It is going to be a long haul for depositors to bring these companies to book and recover their monies from the defaulting companies.
 
(Dr SD Israni is a corporate lawyer and a qualified company secretary has over three decades of experience in corporate, commercial and securities laws. He was a member of the Naresh Chandra Committee for simplification of company law and has been on SEBI’s committee on disclosures and the one on buy-back of shares.)
 

User

COMMENTS

Paddy U

5 months ago

would notifying SEBI help in case of listed companies.. and whether such defaulting companies can declare dividends??

NSRamakrishnan

7 months ago

UNITECH : I have written to Company Law Board, Also Registrar of Companies.As per the company's last communication dtd 13/2/15,their appln to company law board, we were expecting repayment from Sept. 15 onwards

u k saluja

7 months ago

Moneylife had done a brillant job by carrying out a survey on scam pertaining to corporate fds but response is good for nothing, Matter has been referred back to people who had done nothing despite writing ti them for yrs, submitting affidavit of debts for over two yrs, filed rti to mca, petitions to clb, orders issued but not complied in cases of micro technologies and avon corpn ltd (both gone into liquidations based on orders of Mumbai High court orders of winding up). According to list of winding up companies on court orders there are 1478 companies with liquidator Mumbai. Looking at the pace of deciding matters it would take atleast 50 yrs to settle claims. Companies wound up are from 1953 to 2016 (1478 nos). Why are companies permitted to raise Fds when they are not competent enough and financially strong to pay back money on maturity. This needs to be looked in by higher-ups. Thanks

S A Narayan

7 months ago

Its not as if an order from the Company law Board is the end of the issue. Elder Pharma despite a CLB order has not paid the depositors. So What next a contempt petition, again delay, more expenditure???

SuchindranathAiyerS

7 months ago

In other words, the remedy against crisis to approach an entirely unreliable judiciary who are erudition, integrity, arithmetic and culture challenged "Dormice" (as in Alice in Wonderland) for a remedy. You will spend , to recover every Rs 100/- of deposits, a lakh in legal fees and expenses and two lakhs in bribes.

Hiren Sagar

7 months ago

Very good effort please help us in getting media attention to this and help to get our money back

QNet: Bombay HC rejects anticipatory bail applications of five including Michael Ferreira, Suresh Thimiri
The Bombay High Court on Friday rejected anticipatory bail applications of five accused in the multi-crore QNet scam. This includes, Srinivas Rao Vanka and Magaral Veervalli Balaji, both directors of Vihaan Direct selling (India) Pvt Ltd, Suresh Thimiri, director of Transview Enterprises India Pvt Ltd, Malcolm Nozer Desai, who is a 20% stakeholder in Vihaan and Michael Joseph Ferreira, former world champion of billiards and an 80% stakeholder in Vihaan.
 
Earlier in February 2016, the special Maharashtra Protection of Interest of Depositors (MPID) Court had also rejected anticipatory bail applications of these five. The Economic Offences Wing (EOW) of Mumbai Police, which is probing the case, had invoked the stringent MPID Act against controversial multi-level marketing (MLM) company QNet, which has denied any wrongdoing on its part.
 
Gurupreet Singh Anand, a computer consultant from Lokhandawala, Andheri in his first information report (FIR) stated that his wife was duped for Rs30,000 by some people who had introduced themselves as the independent representatives (IRs) of QNet. 
 
While arguing before the HC in person, he contended that the illegal money circulation scheme is being conducted in India by changing names from GoldQuest to QuestNet to the current QNet.
 
Earlier, the Serious Frauds Investigation Office (SFIO) in its detailed ‘secret’ report on GoldQuest International Pvt Ltd and Quest Enterprises India Pvt Ltd has called multi-level marketing (MLM) schemes run by overseas operators as “a potential threat to national security”. 
 
While investigating GoldQuest and QuestNet (previous avatars of QNet), the agency said twice it was provided wrong and fabricated data from the MLM operators. “The investigation did extensive and meticulous data analysis and has brought out clear cut falsification of accounts as both these data referred as old and new data do not match with the figures of the balance sheet. It seems the company has been paying the top of the pyramid promoters (TOPPs) by way of showing as the payments of commissions and getting the money from them apart from also making false entries in the payment of commissions. To avoid detection, the company has tried to mislead the investigations by playing with the data. Thus, the companies are not only conducting an illegal business contumaciously but are also keeping and submitting falsified documents to the regulatory agencies. Their business operations and conduct are thus totally unfair and prejudicial to the public interest. They are also a potential threat to national security as this scheme as well as such types of illegal schemes (eg. SpeakAsia) are being run by overseas operators…,” the SFIO report (seen by Moneylife) says.
 
QNet, the controversial, Hong Kong-based operator uses multiple names for its MLM scheme and GoldQuest, QuestNet, QNet, QI Ltd and QI group are some of its better known names.
 
In February 2014, the ED registered a case under the prevention of money laundering act (PMLA) against QNet, Vihaan Direct Selling, Ferreira and QNet founder Vijay Eswaran and three other independent representatives (IRs) of the MLM operator.
 
According to Gurupreet Singh Anand, the MLM scam may have cost the country about Rs7,000 crore since the money is being remitted abroad.
 

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COMMENTS

gurupreet

3 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.

jitu moni

3 months ago

http://timesofindia.indiatimes.com/city/hyderabad/4-persons-associated-with-MLM-company-arrested/articleshowprint/54204335.cms?null
Four persons, who were associated with Hong Kong-based QNET, a multi-level marketing (MLM) company, and duped 200 persons by promising them jobs, were arrested by Central Crime Station (CCS) officials on Thursday. However, the MD and directors of QNET and its sister company Vihaan Direct Selling are still at large.


Deputy commissioner of police (CCS) Avinash Mohanty said Sreenath Konda, Prasanna Kumar Reddy, V Kanchana, B Dhan Raj were arrested from different locations in the city for cheating people.


Police said the accused had been enrolling gullible people as agents by collecting Rs 10 lakh from a group of 10 persons.


Each person would be given status of promoter, direct them to attract a group (i.e., 10 persons) and make them join QNET by paying Rs 10 lakh, for which the promoter would be assured commission.

jitu moni

4 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

5 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

6 months ago

File written complaint against your friend and all uplines at EOW Delhi already handling QNET SCAM 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 and EOW DELHI FIR NO-87/2016.Your uplines will be arrested by Delhi 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. Kindly lodge your complaint to THE DCP, ECONOMIC OFFENSES WING, MANDIR MARG, DELHI to ban QNET from India to save our brothers & sisters. In your complaint attach uplines photos, mobile numbers, their bank account details, 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, QNET products receipts copy. Make 2 sets of your complaint and lodge Complaint at EOW Delhi. Do not sign any affidavit if asked by your upline for giving back you money. For any confusion whatsapp me at 9871853120.

atul gupta

6 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

6 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.

jitu moni

6 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

7 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.

atul gupta

7 months ago

Be ready to fight against QNET and all your uplines including friend.
QNET REFUND and FIGHT AGAINST QNET procedure as below.

1st Option
If your purchase on portal is in INR rupees then with in 30 days of purchase or if yur 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 yu 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 yur upline register yyr email id on portal. If email id is given wrong then call Qnet customer support numbers and complain about yur upline. Ask yur IR ID 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 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 refundrequest.

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.

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.

CATCH HOLD OF YOUR UPLINE GIVE COMPLAINT/FIR AGAINST HIM / HER AND ALL YOUR UPLINES IN LOCAL POLICE STATION NEAR TO YOUR HOME AND MENTION THE COMPANY NAME IN THE FIR THAT QNET IS RUNNING BANNED MONEY CIRCULATION SCHEME. Your uplines will return you money 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 from world portal of Qnet.
BEFORE GIVING COMPLIANT/FIR INFORM YOUR UPLINE & HIS GRAND UPLINE THAT YOU ARE GOING TO LODGE A COMPLAINT & GOING TO MEDIA, TAKE SOMEBODY HELP (YOUR PARENTS, CLOSE FRIENDS, LAWYER )and TAKE THEM WITH YOU TO ASSOCIATION OR WHERE THEY MEET EVERY DAY. SEE WHAT HE SAY'S,THEY WILL AGREE TO PAY, IF NOT THEN GO AHEAD FOR FIR/COMPLAINT IN ANY CASE.
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.
In your complaint attach uplines photos, mobile numbers, yur bank account statement if u transferred money from your account to upline account or cash deposit receipt, pan card, address proof, purchase receipts, gurupreet singh anand first FIR copy agnst Qnet scam and google news 5-6 against Qnet. MENTION IN YOUR COMPLAINT THAT MEETING TOOK PLACE AT MARKET NEAR TO YOUR HOME OTHERWISE POLICE WILL SEND YOU TO POLICE STATION OF THE PLACE WHERE YOUR ACTUAL MEETING TOOK PLACE.
File complaint at your nearby police station and EOW/Crime branch both in yur city to fight against QNET.
For any clarification whatsapp me at my number 9871853120.

Dev

7 months ago

ARTICLES/TV COVERAGE ON QNET

http://www.dnaindia.com/india/report-bombay-high-court-rejects-bail-of-micheal-ferreira-four-others-in-qnet-case-2210300

http://timesofindia.indiatimes.com/city/mumbai/HC-rejects-bail-of-Micheal-Ferreira-4-others-in-QNet-case/articleshow/52172539.cms

http://economictimes.indiatimes.com/news/politics-and-nation/hc-rejects-bail-of-micheal-ferreira-4-others-in-qnet-case/articleshow/52172931.cms

http://www.moneylife.in/article/qnet-kirit-somaiya-mp-demands-quick-action-against-the-mlm/46808.html

http://www.moneylife.in/article/qnet-secret-sfio-report-says-mlm-ponzi-schemes-and-lsquo-a-threat-to-national-security-and-rsquo/46817.html

http://www.business-standard.com/article/pti-stories/police-issue-summons-to-fc-goa-official-over-qnet-sponsorship-116042901487_1.html

http://timesofindia.indiatimes.com/city/mumbai/Notices-to-football-league-officials-over-Qnet-money/articleshow/52035746.cms

http://timesofindia.indiatimes.com/city/mumbai/QNet-cheating-case-Investors-protest-outside-Michael-Ferreiras-home/articleshow/51969270.cms

http://www.thehindu.com/news/cities/mumbai/news/hc-dismisses-appeal-of-qnets-public-relations-firm/article8457252.ece

http://www.asianage.com/mumbai/cm-devendra-fadnavis-has-assured-detailed-inquiry-qnet-bjp-524

http://www.thehindu.com/news/cities/bangalore/mlm-firm-busted-5-arrested/article8468517.ece

http://timesofindia.indiatimes.com/city/mumbai/No-bail-for-billiards-champ-in-QNet-case/articleshow/50827276.cms

http://timesofindia.indiatimes.com/city/gurgaon/Seven-booked-for-cheating-bizman/articleshow/50885431.cms

https://http://www.youtube.com/watch?v=e6x2QgI6K7o&nore...

https://http://www.youtube.com/watch?v=RabPkRNutwU

https://http://www.youtube.com/watch?v=MJ5PeybXnLo

Roy Aranha

7 months ago

why cant these rascals be jailed and only teh poor and weak get imprisonment ?

vimlesh

7 months ago

Look at the below link

http://www.qbuzz.qnet.net/blog/2016/05/06/anil-kapoor-makes-splash-vcon16/

http://www.thestar.com.my/news/nation/2016/05/05/anil-kapoor-shares-his-secret-to-looking-young/


Mr Anil kapoor should be thrown out of the country. He is a traitor. He is endorsing the frauds.

Anil kapoor knows that Indian judiaciary can not do anything against him.
He is fearless, he is backed by ministers, media, police.....

But yes, he is the celebrity. He has the mind, intellect.

I am a small person. people would say, I am not intelligent.People would listen to Mr Anil kapoor not to me.

surely, Mr Kapoor is getting money to attend this, he is not there for charity.



Mr Anil kapoor, the Indian bollywood actor, openly standing with Vijay Eswaran, what does it means........We all Indians are stupid, just wasting our time and energy, writing in this forum.

We are just talking, discussing, not doing anything to safeguard the country.

We should learn the committment and dedication from these criminals.

We are listening!

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