I Monetary Advisory: Prime accused Mansoor Khan arrested
Multi-crore ponzi scheme scam prime accused and IMA Jewellers founder Mansoor Khan was arrested early on Friday from the New Delhi airport on arrival from Dubai by the Delhi Police, an official said.
 
"Khan was taken into custody on landing at the New Delhi international airport on arrival from Dubai around 2 a.m. in an Air India flight 916. He will soon be brought to Bengaluru by our sleuths," SIT officer Mohammed told IANS here.
 
The major breakthrough in the IMA Gold multi-crore cheating case for the Enforcement Directorate (ED) and the SIT came as a lookout notice on Khan was issued to all concerned, including the Interpol, through the Union Home Ministry. 
 
Khan, who is accused of perpetrating financial fraud worth crores in Bengaluru, was absconding for a month and was traced in Dubai and told to return to India.
 
"He had shared a video in which he claimed that he shall return to India in next 24 hours," the SIT officer said on its basis the arrest was made.
 
"Our officer will take Khan's custody from the Delhi Police and fly him back to Bengaluru according to procedures for investigation into the mega scam," added Mohammed.
 
The development is expected to ease the ongoing investigation and the effort to return the money of thousands of investors.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • User

    COMMENTS

    Ranjith Kumar

    4 months ago

    Please extend the date for submitting the claims. We have so many investors are here to claim their refund documents. Please give another chance to the investors by opening the website for even another five days.

    Ghanshyam Sahu

    4 months ago

    Sight ko open kiya jaye kyunki POLICY document upload hi nahi ho paya bahut saare invester ka claim abhi submit nahi ho paya hai

    Ghanshyam Sahu

    4 months ago

    Sight ko open kiya jaye kyunki POLICY document upload hi nahi ho paya bahut saare invester ka claim abhi submit nahi ho paya hai

    aashik ali

    4 months ago

    WHAT A SITE IT IS.MAY OUR REQUEST BE ACCEPTED

    QNet: Ministry of Consumer Affairs says the Ponzi Scheme is Concern of the Finance Ministry
    The union ministry of consumer affairs, which had issued guidelines on direct selling, has said the money circulation or Ponzi scheme operated by QNet and its associates in India are concerns of the ministry of finance and it has a limited role in the matter. 
     
    AK Pandey, undersecretary from the Ministry, in an affidavit submitted before the Supreme Court, stated, "...the money circulation scheme or Ponzi scheme operated by the private respondents in violation of the provisions of Prize Chits and Money Circulation Schemes (Banning) Act 1978 have concerns with the department of financial services, ministry of finance, government of India."
     
     
    The private respondents mentioned by Mr Pandey include, Vihaan Direct Selling (India) Pvt Ltd, Michael Ferreira, Malckolm Desai (both directors of Vihaan), GoldQuest International Pvt Ltd and QuestNet Enterprises India Pvt Ltd, all associated with QNet.
     
    Responding to the notice issued by the apex court, Mr Pandey said the consumer affairs ministry had limited role in the case filed by Financial Frauds Victims Welfare Association and its name was added only because it had issued guidelines on direct selling.
     
    The Association had filed a criminal petition against various ministries of Indian government as well as against promoters and directors of Vihaan Direct Selling, GoldQuest International, and QuestNet Enterprises. The petition also names agencies like Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) and various state governments where victims have filed a first information report (FIR) against the illegal money circulation schemes operated by the QNet group companies.
     
    Vihaan Direct Selling, the authorised franchisee of QNet in India has been claiming that its scheme falls under the direct selling guidelines issued by the ministry of consumer affairs.
     
    However, this claim was refuted by the economic offences wing (EOW) of Mumbai police, which is probing several complaints filed by victims against QNet and Vihaan Direct Selling. 
     
    In its counter affidavit filed before the Supreme Court, the Mumbai EOW had stated, "The model guidelines on direct selling are not applicable to Vihaan Direct Selling since the definitions 6 and 7 in the guidelines specifically and pointedly state that the marketing, distribution and sale of goods under a pyramid scheme and entity, not being engaged in a pyramid scheme are not covered under the definition of 'direct selling'. It is the prosecution case as per the statements of witness is that the (private) respondents of this petition are doing illegal activities in a pyramid scheme, which is also a Ponzi scheme."
     
     
    Earlier in February this year, the Cyberabad police had issued notices to about 500 people including several top celebrities from Bollywood in the multi-crore QNet scam. Those issued notices include Shah Rukh Khan, Anil Kapoor, Jackie Shroff, Boman Irani, Vivek Oberoi, Pooja Hegde and Telugu actor Allu Sirish and cricketer Yuvraj Singh. 
     
    QNet, in a statement issued at that time, however had said it does not have any brand association with those who have been issued notices by the police.
     
    In January this year, Cyberabad Police had arrested 58 members of the MLM in fraud and cheating cases worth Rs1,000 crore. "The QNet and Vihaan business model is a simple pyramid scheme in which the early entrants earn money and as the number of IR increases, finding more IRs (new comers) to join becomes difficult or impossible. IRs that joins late does not earn enough to cover their first outlay and the model collapses. It works as a binary scheme. Down the line, the number of persons to be joined becomes difficult or impossible. The scheme collapses at a point of time," the Cyberabad police commissioner had said. (Read: QNet: Cyberabad Police Arrests 58 Members of the MLM in Fraud and Cheating Cases Worth Rs1,000 Crore)  
     
    On 18 May 2016, Gurupreet Singh Anand, the original complainant in the QNet MLM scam had 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. 
     
    There are several court cases and probe going on against QNet, its franchisee Vihaan and many people associated with the MLM scheme. In fact, three year ago, the Bombay High Court, in its judgement has observed "the deceit and fraud is camouflaged under the name of e-marketing and business."
     
    While rejecting anticipatory bail applications of five accused in the multi-crore QNet scam, Justice Mridula Bhatkar, in a hard-hitting order on 6 May 2016, had said, "The motto of the company 'sell more, earn more' appears very attractive and innocuous. However, this motto is fully camouflaged. The company stands on a basic statement that people can be fooled. Thus, the true motto is 'sell more earn more' by fooling people. In fact, it is a chain where a person is fooled and then he is trained to fool others to earn money. For that purpose, workshops are conducted where study and business material is provided with a jugglery of words, promises and dreams. Thus, the deceit and fraud is camouflaged under the name of e-­marketing and business." 
     
    "The claim that the wellness products, i.e., Biodisk and Chi Pendent are medicinal and spiritual products, are after all, a matter of faith. However, the applicants/ accused have launched these wellness products with ulterior motive and with correct judgment of vulnerability of the people. The holiday packages, which were sold or offered, without any choice left to the buyers. The entire business was Internet based and, therefore, the persons who are responsible, i.e., the top brass, i.e., the applicants/ accused, were not approachable to the persons who were aggrieved. The nature of the business was knitted in the interest of the directors and shareholders in such a manner that the persons who are at the lower level of the pyramid cannot get any access to put up their grievances. The manner in which the persons were contacted, incentives offered, the workshops were conducted, are best examples of inducement," Justice Bhatkar had remarked. (Read: QNet: “It is a chain where a person is fooled and then he is trained to fool others to earn money” says Bombay HC order)
     
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    User

    COMMENTS

    Ananth Kumar

    2 months ago

    KINDLY DON'T JUST TREAT THIS MESSAGE AS A RANDOM FORWARD MESSAGE.. PLEASE GO THROUGH THIS MESSAGE AT SOME POINT OF TIME.. IT'LL BE DEFINITELY HELPFUL TO U.

    🚨Beware of network marketing scams / chain marketing / business opportunity🚨

    Which is totally a scam.. almost all company are fraudulent.

    NOTE: THE PERSON WHO APPROACHES YOU WILL NEVER TELL THE NAME OF COMPANY.. 🤫 IF HE/SHE TELL- IT'LL BE INACCURATE NAME.
    Top names that come under this type of companies are:

    * QNet
    * Quest Net
    * QI group
    * GoldQuest
    * QI limited

    Refer :

    https://en.m.wikipedia.org/wiki/Qnet#Controversies

    First,let me tell you,how they trap👹👺 you in this-

    1. You will get a call from your close friend👩🏻‍🦱👨🏻,colleague or a friend, whom you don’t even have an idea about, will call you, “Hi, How’s you?✋🏻 How is it going?... ” and some normal conversation for less than a min, where, when you ask how is he/she?, they will just give you a hint that they are kinda busy with some business (or Part time business) and earning a lot in this. If you show interest, there you go, caught into their first trapping step.🥅

    2. They will call you after 2-3 days, and tell you about availability of a vacancy (actually only one vacancy) in their team🤝🏻 for business, and there are lot of people who are interested in it, and ask you if interested. If you say ‘Yes’, then, they, very politely tell you, ”I will discuss with my senior, who is out of country for some business meet. If he says yes, then you will get a call for the interview.”

    3.You will definitely get a call withing 2⃣two days, and they will call you to some cafe☕ or mall,🍱🥙🥪 and have a conversation, about your personal life, work, friends, your interests,hobbies and all, where they try to analyze your weakness, so they can convince you for joining the business.

    4. They will not tell you what the business is, but they will try to asure you about lots of earnings💰💰💰 in this field. You won’t be told the name of the company, and you will be asked not to discuss about this to anyone(because they work on some big project and you are suppose to discuss it with no one). They will brain wash you with all the ridiculous👎🏻 talks, about their seniors and success of those seniors. And in the process of 2-3 hours interview, finally they will tell you to invest some amount and that too by taking a personal loan.

    5. Your friend will keep following you by calls 📞and messages 📩to convince you joining with them in business. Even he/she will help you with loan procedures, and will make you believe that you will repay the loan amount to bank within 3 month. And the payment here is transparency. They are the one who will purchase some products or stakes from the Qnet.

    6. In the next meeting you will be asked to sign a agreement, and once you sign, you will be explained about this business procedures (that you have to build more network), and finally name of the company “QNET”. You will be told all positive aspects about QNET and will be asked not to search anything about it on internet🖥.

    7. And then your training starts on how to bring more people into this, begins from your friends and family. I am not sure much about it but I was told, that there will be welcome function you, where everyone share their stories of their success in the Qnet. You know what, their stories won’t be about their work, its all about the emotional drama by them, where I am unsure, how much it holds truth.

    BEWARE OF THIS SCAM.. FORWARD THIS MSG TO MAXIMUM PEOPLE AND SAVE THEM FROM THIS FRAUDULENT ACTIVITIES...

    Pankaj kumar

    4 months ago

    अब डेट नहीं बढ़ना चाइए, सेबी अगर डेट 100 साल भी बढ़ा दे तो भी कस्टमर यही कहेंगे कि थोड़ा और डेट बढ़ जाती तो अच्छा रहती,जरूरतबंद कस्टमर ने अपने फॉर्म 3 महीने पहले ही भर कर सबमिट कर दिए थे

    Thoufiq muhammad

    5 months ago

    There's even a bigger scam from a Noida based firm...name is BIKE BOT.Unfortunately I am one of the investors with many people below.They have not paid the returns from December 2018 and the firm owner has surrendered to the court.His name Sanjay Bhati

    bhuwan chandra

    5 months ago

    I lost my 10 lakh,, I will die if I will not get back my money,,, anyone please help me out.... 8826812773

    sahu

    5 months ago

    Courts also need to check the internet for evidences.. complaint board ,quora, company reviews need to be taken into consideration...qnet is nothing but a organisation of crooks who try to sell non sensical and magical products in the name of trust and dreams and never by any legitimate sales...All the con men need to rot in Jail

    I Monetary Advisory: 7 directors held, grilled in the Bengaluru's ponzi scam
    Seven directors of the city-based IMA Jewels were arrested and are being grilled by the Special Investigation Team to know their alleged role in the multi-crore ponzi scam operated by its owner Mohammed Mansoor Khan, police said on Thursday.
     
    "On being warned against delaying the inevitable, the directors turned up at the city police commissioner's office and surrendered on Wednesday. They were arrested and produced in a local court for our custody to interrogate them as Khan is still at large," Deputy Commissioner of Police (central) Rahul Kumar told reporters.
     
    The accused directors -- Anwar Pasha, Arshad Khan, Dada Peer, Naveed Ahmed, Nazir Hussain, Nizamuddin and Waseem -- were remanded in 10-day police custody to unearth the scam, which swindled the hard-earned savings of thousands of investors from across the state.
     
    "As the case is being investigated by the SIT, its head B.R. Ravikanth Gowda is interrogating the accused on what went wrong leading to the IMA (I Monetary Advisory) go bust and Khan fleeing the country last week," said Kumar.
     
    IMA's chartered account Iqbal Khan was also arrested on early Thursday after the directors disclosed his name and his alleged role in the scam that has rocked the state and the minority community as majority of investors and depositors in its ponzi schemes are lower and middle class Muslims.
     
    Though the police launched a massive hunt for Khan, he is reported to have fled the country after Eid on June 5 along with his family, and huge quantity of gold ornaments, silver jewellery, diamonds and unspecified amount of cash from his posh showroom in the city's centre.
     
    "We are on the lookout for Khan and will seek Interpol's help through the Union home ministry to extradite him to India after ascertaining in which country he is hiding," said Kumar.
     
    The ponzi scam came to light on June 10 when the IMA showroom did not open for business after a week-long closure for Eid-ul-Fitr at the end of Ramzan last week and its Managing Director (Khan) reportedly fled to Dubai or Saudi Arabia to escape the wrath of his investors as their savings are lost.
     
    The SIT team also raided IMA's head office and its main showroom and seized volumes of documents related to properties, assets, collaterals pledged by investors and depositors and bank accounts for investigation.
     
    About 20,000 investors have filed a complaint with the local police station, enclosing a photocopy of documents, including passbooks showing their investments in the company.
     
    The SIT has directed the banks to freeze the accounts of the company, Khan and his relatives to prevent any transaction.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
     
  • User

    COMMENTS

    Ranjith Kumar

    4 months ago

    So many investors were returned their PACL bonds and got an acknowledgement, but not money. In such situation, how to claim the refund. Please let us know.

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