QNet Cancels V-Con Dubai Leaving Thousands of Agents in Soup
QNet, the controversial multi-level marketing (MLM) scheme, has cancelled V-Con, its high-profile, flagship annual event that was scheduled to be held in Dubai between 8th to 12th September. The company has not given any reason for the sudden cancellation of V-Con, but thousands of independent representatives (IRs) or agents who were set to go to Dubai are seeking a refund the $350 each that they have paid to attend the event as well as their air tickets.
 
On its Facebook page, QNet says, “Due to circumstances beyond our control, unfortunately, we had to make the difficult decision to postpone V-UAE 2018.
This has not been easy for us. But we realise that proceeding with the convention under these circumstances would compromise the quality of the event.”
 
 
QNet does not mention what these 'circumstances’ were, for cancelling its prestigious event. According to sources, the V-UAE 2018 was cancelled after Saudi Arabia declared QNet as haram and activities of the MLM company as ‘misleading activity’. On 1 September 2018, the ministry of corporate Affairs in Saudi Arabia issued a warning against QNet saying that its activities are prohibited in the country. 
 
 
The Ministry of Commerce and Investment in Saudi Arabia says after investigation, it arrested a group of four persons one from Gulf Cooperation Council (GCC), a Saudi citizen and two Saudi women. "The defendants were involved in the coordination and making the necessary arrangements for QNet activities, such as reserving hotel halls and sending invitations to clients to attend the training on QNet marketing activities. Upon raiding the site, MCI inspectors found 20 members of both sexes attending the training, as per the invitation given to them by the four organizers. It has been found out that the attendants have paid more than Saudi Riyal (SR)200,000 in cash or as a remittance to the organizers' bank accounts. This is beside paying SR30 for each attendant," the MCI says in a release.

Network marketing activities are prohibited in the Kingdom of Saudi Arabia, as per the Ministerial Decree, issued by the MCI, which stipulates the prevention of network or pyramid marketing, as well as the advertisement or the promotion for such illegal trade activity, or by any other means. This is in addition to the Ministerial Decree issued by the Ministry of Interior, which stipulates that the financial fraud issues are considered crimes punishable by arrest, the release says.
 
In an email response, Zaheer K Merchant, director for corporate affairs at QNet, says, “As stated in the Facebook post you referenced, we had to make a decision to postpone the event due to circumstances beyond our control. You will note that several other large events were cancelled or rescheduled in Dubai in recent months, including the Dubai International Film Festival. We have no further comment here.”
 
From India alone, there were about 10,000 independent representatives (IRs) who have booked flight tickets to Dubai and also bought tickets at $350 each for the V-Con event.
 
 
Several IRs, who paid money and booked tickets for the V-Con, are left in a lurch since they cannot get any refund. Instead, QNet is asking them to swap the V-UAE 2018 ticket with V-Malaysia 2019 or get the refund through their Quest account.
 
Talking about refund to IRs, Mr Merchant says, “As for those who have bought tickets to the convention, we are working with the different groups on either validating their ticket for future events or processing refunds if that's what they want.”
 
Earlier in April this year, QNet organised its V-Malaysia, where Bollywood actor Anil Kapoor shared the stage with Pathman Senathirajah, an accused and absconder in cases registered in India. The Economic Offences Wing (EOW) of Mumbai Police also had issued a look out notice against Mr Pathman. 
 
Mr Kapoor has been a regular since past few years at V-Con organised by QNet. Last year too he was there on V-Con and shared the stage with Mr Pathman and Vijay Eswaran, the chief of QNet and absconder in several cases filed against the MLM in India.
 
 
During the V-Con 2016, QNet says, besides Mr Kapoor, other Bollywood actors such as Jackie Shroff and Vivek Oberoi “went up on the V-Con stage in 2016 to share how they took the big leap to be where they are today.”
 
 
 
 
 
Commenting on the presence of Bollywood celebrities at V-Con, Mr Merchant from QNet, says, “...they were only invited speakers at our events. You may contact their respective offices for further comments.”
 
This year's V-Con, as the event is popularly known among QNet IRs, was scheduled to be held at Hamdan Sports Complex in Dubai, UAE.
 
Last month, the Supreme Court of India accepted a writ petition filed by Financial Fraud Victims Association against Vihaan Direct Selling Pvt Ltd, which is franchisee of QNet in the country. 
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COMMENTS

Qnet Analyst

1 month ago

Approximately how many people you think are cheated with this scam?
Can someone please say approximately after how many months/years people realize it is a scam ? What are the pointers which make the IRs think it is a scam?

Is it -
1. Frustration
2. Losing Friends
3. Financial understanding
4. something else

Vijay Raval

2 months ago

I respect Indian constitution and Supreme court but this is really too much how they just leave this criminal to go away from jail?????????????????????????????????/

If Qnet is there than whay India need Nirav Modi or Vijay Maliya ?
this is enough to brankrupt poor and middle class .

Vijay Raval

2 months ago

They are taking Advantage of Link on Google in which they are telling Supreme Court stay on all proceedings on Fierra and other people.

Vijay Raval

2 months ago

Dubai Cancelled Event is Organized in Gujarat Starting from Tomorrow 22nd September 2018 at Thaltej well known Hotel at India Standard Time @10.00 am

This is wake up call for us to interrupt them and wake up Government also.

All spread Qnet News in all whats up Group and facebook Account with their logo and their activity so we can stop fooling of other people.

Single message spread on whats up will definetly save some people life . do not regret on your mistake save somelife.

Sanjay Verma

2 months ago

Can anyone advise if it is possible to get a refund as the person who brought me into this business has washed his hands off & not even responding to my calls....Crooks all of them...Promised Financial Freedom and n return put me in heavy personal loan debt...I shall have no recourse left but to approach Delhi Police against these so called friends/uplines.

REPLY

SKhan

In Reply to Sanjay Verma 2 months ago

Hi Sanjay,

When was you product purchased and using which currency. If it is in refund period .. I can help you with the process of refund.

Sanjay Verma

In Reply to SKhan 2 months ago

Almost 6 Months ago. I made a DD in Indian Rupees. Was given some fake travel packages. Is there any way to catch these bastards in New Delhi.

Aditya Jaiswal

2 months ago

Simply, Qnet people think they are Albert Einstein and rest all working class people in this world are Chu...... , I too got involved in this but thank to God and some my good deeds I came out all this nonsense within very short time. They say it will bring financial freedom but believe me guys it will bring bankruptcy definitely to anyone rather than financial freedom and lots of burden of loans.
Please do some ethical work guys don't show your people that you guys don't even care and respect for any kind of law in any country atleast if Qnet is so ethical and follow Gandhi ji's ,so please be ethical and don't break laws it will give negative impression that how can be a company talk about ethics if itself breaking laws.

REPLY

Qnet Analyst

In Reply to Aditya Jaiswal 1 month ago

What made you think it was Fraud?
Approximately how many people you think are cheated with this scam?
Can someone please say approximately after how many months/years people realize it is a scam ? What are the pointers which make the IRs think it is a scam?

Is it -
1. Frustration
2. Losing Friends
3. Financial understanding
4. something else

Sunil Shahdadpuri

2 months ago

QNet specializes in financial terrorism by playing with the emotions of an investor. I was conned into it by my colleague Reji Sams and his senior associate Makarand Patil (aka Mak) & Gurmit Singh in Dubai . I thank almighty that I could break out from their brainwashing sessions well in time before too much damage was done . I hope the other people who are still trapped in this network are able to see the reality before it's too late for them. As for QNet it's promoters should be put behind bars for making fake promises and also for selling fake products under the guise of e commerce business.

REPLY

Manmeet Singh

In Reply to Sunil Shahdadpuri 2 months ago

@Sunil Shahdadpuri,,, good morning sir, i just want to ask you some questions.

1)what kind of brainwashing do they do?
2)what do you mean by trapped?
3)what reality are you talking about?
4)what are the fake promises?
5)what are the fake products?
and

6) where are your associates now? what are they doing now?

jaideep shirali

2 months ago

It amazes me that when there are so many cases on against Q Net, there are advertisements from Q Net on national TV right now. How come ?

REPLY

SriPavan Tadepalli

In Reply to jaideep shirali 2 months ago

STFU you morons one company which has ruined the life of Millions of IRS and talk of ads any company the company calls itself a direct marketing company and does ads to promote itself.
Foot in your mouth !!

Vivek KAR

2 months ago

They are the biggest scam people who takes money in the name of trust. Cheated by "so called big "entrepreneurs Arti kumari and Farhana Khadeer. To name a few there are many up the ladder who just behave they have achieved big in life but fact is they take extra money without giving proper calculation. One of the worst decision of my life.

Saurabh Khanna

2 months ago

Even the Company name has the Word - CON. its founder responsibility to justify the name of the Company.

REPLY

Sanjay Verma

In Reply to Saurabh Khanna 2 months ago

Even the VCON is very apt for this mega scam event. Meaning WE will CON you. But nobody understood this subtle message, until now after people like us who spent so much money to land in Dubai only to be informed that its cancelled due to unavoidable circumstances...What a CON....!!! I lost more than INR 500,000 for the initial investment & travel expenses from New Delhi.

Bhuvaneswaran K

2 months ago

There are companies that feed on greed of people. Somehow I escaped a trap of one such MLM company.

robin cjoseph

2 months ago

Is there any way to get my money back, I am late to understand about these,,,,,,, business. Don't play with my life.

REPLY

Bala Murugan

In Reply to robin cjoseph 2 months ago

Robin,
Your number ?

robin cjoseph

In Reply to robin cjoseph 2 months ago

If its a true successful businesses then refund my 150000, and my friends to

Sneha Pawaskar

2 months ago

Hahahahahhahahhahaahhaa...ppl will never get there refund back..ghumte reh jaenge IR log..the cancellation of Dubai VCon is the realization for ppl who r trapped in QNET fraud.. believe me guys..VCON is just a waste of lots of money..I have experienced it..it's time to back of and fight against these bastards..Lootere..

REPLY

Aditya Jaiswal

In Reply to Sneha Pawaskar 2 months ago

Kutte hai saale , khud ki cars and kuch 20 -25 logo ki lifestyle dikha ke youth ko barbad kar rahe hai

Sanjay Verma

In Reply to Aditya Jaiswal 2 months ago

In short, chutiya banaa rahen hai sabko financial freedom ke naam pe…!!!

kuldeep sharma

In Reply to Sneha Pawaskar 2 months ago

You are right, no refund. just show off krte hain ye log aur pagal bnane ka kaam hai inka. they don't even tell you that it's Network Marketing, forget that they will tell you the name of the company .

Arvind Ankam

In Reply to Sneha Pawaskar 2 months ago

Even i have lost more than 4lacs of rupees and I was there in Malaysia this April 2018 thought to change my life inspired by my brother and I actually got inspired and learned how to waste big amount of money in just few days.. Hahaha ha Im still roaming around police stations for my refund and police simply says "No" RIP Qnet hope all of its future Vcons get cancelled all over the world..

Sandeep Sharma2

In Reply to Arvind Ankam 2 months ago

Idiot u will roam whole life...this time qnet..next time znet....bcs u r made for this only.

Sonuu Tilwani

2 months ago

Great news 😀😀😀 I believe people have learned that their money is anyways looted... There is still time for people to understand to back off than paying more, many people have taken loans to go to event, aand are paying heavy intrests, like 80% of their salary goes in EMI , coz of joining Qnet, and if their so called close friends tell them to join Qnet , why don't they tell them about company or refund before hand, and why they don't pay Thier EMIS as promised ..... Scam company, now atleast ppl understand it's a scam

REPLY

Sandeep Sharma2

In Reply to Sonuu Tilwani 2 months ago

Event cancelled first time..and u came out of cocoon.....you pay their emis

kulkarni pramod

2 months ago

I suggest better we should file complaint against them once again and inform to police that those people still working with them have to arrest.

SEBI confirms Heera Gold is a Ponzi scheme, says EOW, ED and SFIO probing the MLM
The Securities and Exchange Board of India (SEBI) has clarified that activities of Heera Islamic Business Group, better known as Heera Gold, are in the nature of Ponzi or multilevel marketing (MLM) scheme. However, since these activities are beyond the ambit of SEBI and Reserve Bank of India (RBI), the case has been referred to CID- Economic Offences Wing (EOW), Enforcement Directorate (ED) and Commissioner of Police in Hyderabad, SEBI said. 
 
Replying to an email sent by Moneylife with videos of panicky investors, the market regulator’s Hyderabad office wrote to say, "Upon examination into the matter, it was found that the activities of Heera Group are in the nature of Ponzi Scheme. Further, the nature of activities of Heera Group was also discussed in the meetings of State Level Co-ordination Committees (SLCC) of Andhra Pradesh and Telangana, which are headed by Chief Secretaries of the respective states. It was decided in the meetings of SLCC that the activities of Heera Group appear to be beyond the regulatory ambit of SEBI and RBI and the case would be taken up for investigation by relevant authorities such as CID-EOW, and Serious Frauds Office of India (SFIO). Accordingly, SEBI had already referred the case to CID-EOW, Enforcement Directorate, Commissioner of Police-Hyderabad."
 
The email further says, “As the matter is presently being handled by Central Crime Station-Hyderabad, SFIO-Telangana, and Enforcement Directorate-Hyderabad”, the regulator has sent the videos forwarded by Moneylife to its Mumbai office to these respective agencies. SEBI has also "marked a copy” to the Reserve Bank of India which is the nodal office for State Level Coordination Committee. 
 
Earlier this month, Moneylife had pointed out the panic among investors of Heera Gold, headed by Dr Aalima Shaikh Nowhera (Nowhera Shaik). The trigger for people gathering to protest at Heera Gold’s plush offices in Bengaluru, Hyderabad and other cities was the decision to 'share profit' once in three months instead of every month. 
 
Heera Group claims to be a gold trading company with business all over the world. In the past four years, the lack of any enforcement action by investigation agencies has allowed it to grow rapidly and diversify into diverse business. In the past two years Moneylife has raised the issue of Heera Gold's Ponzi operations with two SEBI Chairman — Mr UK Sinha as well as Mr Ajay Tyagi — because it operated like a vast collective investment scheme. Neither of the two SEBI chairmen bothered to respond.  Our communication we said, "We hope SEBI will take note of this and hasten action so that people do not end up losing money. Many women too are being conned into borrowing against property to invest in these companies on the claim that the returns would be significantly higher than the interest they would pay on their loans."
 
The controversial and shadowy group has specifically targeted the Muslim community with the promise of high returns and constant references to ‘Allah’ to project itself as a devout and god-fearing organisation. The panic among investors over the past weeks is due to delays in making payments and a change in the payout dates. Several media reports and investors say that its founder, Nowhera Shaik floated a political party, which lost badly in the recent Karnataka elections, which has led to its financial difficulties.
 
Typical of Ponzi operations that are in trouble, she has released a video to allay fears of investors and run down critics and those who are panicking at the payment delays. 
 
 
Few days ago, several investors from Hyderabad, Mumbai, Pune, Aurangabad from Maharashtra and Karnataka reached Heera Gold's central office at Hyderabad. They wanted to know why there was change in the payout scheme. However, instead of responding to issues raised by investors, the staff at Heera Gold closed office doors from inside. 
 
 
You may also want to read...
 
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User

COMMENTS

Saqib Mohammed

4 weeks ago

There are many other ponzi schemes very similar to Hera. One such scheme is IMA - I monetary advisory which also brands itself as halal and risk free investment to lure muslims. Hope the regulators take action soon and recover investors' money while it is still possible.

Momin khan

2 months ago

It's strange that Muslims are asking proofs on this platform whereas you people should be doing this to those standing on the pulpits of mosque and interpreting Islam on their whims. Qur'an is the logical book at the highest level but people using it to justify their nonsensical & illogical practices should be questioned first.

You guys don't need any clear proofs if you are asked to sit at the grave supplicating.
You guys don't need any clear proofs if you are asked to hate other sects
You guys don't need any clear proofs as long as you get money, there you don't care about halaal / haraam and clear evidences.
Hanafi/Salafi/Deobandi/Sunni/Shia - Do you have any proofs for establishing these divisions, anything from Qur'an or authentically traced prophetic traditions?

Sonuu Tilwani

2 months ago

Scam company

Msayeed Qazi

3 months ago

Now pl. Guide to people how they can receive back their investment amount.

Msayeed Qazi

3 months ago

Now pl. Guide to people how they can receive back their investment amount.

Nafees Equebal

4 months ago

Dear Moneylife, thanks for sharing the news written by you. It will be better if you share the link where SEBI has confirmed. If your talking about email, then I want to know how can any media access the government internal email. I am not confirming that this is wrong news but we should know that without any proof sharing something may be SIN in front of GOD.

REPLY

Sucheta Dalal

In Reply to Nafees Equebal 4 months ago

You need to understand basics of journalism and where we come from instead of posting immature suspicions. The email from SEBI was a direct response to us based on my query to the chairman. This is a well respected publication -- not a social media gossip site. So your questions and aspersions are without logic or basis.

asif sayed

In Reply to Sucheta Dalal 2 months ago

Dear moneylife...I found Ur ans Lille rude, angryly and somewhat not on track. Hope u GT my point.

Ather Moin

4 months ago

please furnish the Email content.

REPLY

Sucheta Dalal

In Reply to Ather Moin 4 months ago

read reply above

Vasant Kulkarni

4 months ago

OPERATION SUCCESSFUL PATIENT DIED, IS THE FATE OF OUR REGULATORS.

REPLY

Ezeelok

In Reply to Vasant Kulkarni 4 months ago

Very well said. All these Regulators , Bank Officials , Investigation agencies etc are hand-in-glove with these Professional Crooks who does not spare even the God and always swear in the name of Almighty to play with sentiments of innocent & gullible though Greed is the main factor. Do you remember Crooks & Cheats Deepak Sakharam Kulkarni , Hemanti Deepak Kulkarni , Shirish Deepak & Tanvi S Kulkarni , Anuradha Purandare etc etc who are all cooling heels in Yerwada Jail for running Ponzi Scheme. They have cheated retired people and robbed them of their livelihood. These Kulkarnis took money by projecting themselves to be Followers of Veer Sawarkar , Deity Saptashrungi Mata Vani , Ganpati etc and they even issued Coded Deposit Receiots on the back side of Photographs of Veer Savarkar , Vani Mata , Ganesh Ji , Laxmiji etc depending upon Amounts borrowed. These Crooks have Cheated their Famiky Members including own daughters & Son in Laws , Employees , Investors , Shareholders , Tax Dept etc.

Mohd.Tahir Sayed

4 months ago

It looks like people in SEBI has vested interest.Otherwise forwarding an email to CID and EOW was not a big deal for watchdog like SEBI

REPLY

Ezeelok

In Reply to Mohd.Tahir Sayed 4 months ago

Well said Sir, we all know that.
They work for their selfish interest and pockets. Who cares about public. They're all crooks and have forgotten AAKHRAT.

mariyam khatib

4 months ago

Thank you Money Life for exposing the activities of HEERA GOLD

REPLY

Ezeelok

In Reply to mariyam khatib 4 months ago

Money like is doing a great job and have exposed many crooks but they do not have Executive powers to punish crooks. May Allah continue to give them Strength & Taufiq to expose these Cheats and help the suffering Community. Unfortunately Politicians , Bureaucrats , Administrators , Law Enforcement agencies etc are equally corrupt with vested interests.

Shaikh Farukh

4 months ago

Company Law Board must take action against the company as company has collected deposit from the public at large.

REPLY

Ezeelok

In Reply to Shaikh Farukh 4 months ago

Sir , Dont expect miracles from Regulators & law enforcement agencies as they're hands-on -gloves with crooks and perpetrators. What they're doing is all HARAM.

CBI quizzes another ex-Tripura minister in chit fund scam
Agartala, The CBI on Thursday questioned another former Left Front minister in Tripura and his two ex-private secretaries in connection with the Kolkata-based Rose Valley chit fund scam case.
 
Former Finance, PWD and Health Minister Badal Chowdhury was questioned by two Central Bureau of Investigation (CBI) officials at the MLA Hostel here for about two hours. 
 
On Wednesday, the CBI questioned former Left Front Minister Bijita Nath on the issue.
 
"The CBI is collecting facts from different states as part of their probe into the Kolkata-based Rose Valley chit fund scam. So they also spoke to Nath and Chowdhury," the former minister's lawyer said on condition of anonymity.
 
After questioning, Chowdhury told the media: "The officials wanted to know some information from me for the period of 2004 and 2008. I replied accordingly."
 
The CBI officials refused to talk to the media.
 
The two former ministers said they would cooperate with the CBI to probe the chit fund related cases as they wanted the accused to be punished and people to get back their deposits.
 
On Thursday, two former private secretaries of Badal Chowdhury -- Sekhar Datta and Manik Lal Dey -- were questioned at the CBI office here.
 
The CBI in June 2017 questioned Nath and Communist Party of India-Marxist (CPI-M) central committee member Gautam Das in connection with the Rose Valley chit fund scam.
 
CPI-M leader Bijan Dhar said: "No CPI-M leader and former Left Front ministers were involved with any chit fund organisations."
 
The Bharatiya Janata Party (BJP), Congress and the Trinamool Congress (TMC) separately charged the previous Left Front government with promoting illegal chit fund organisations and unauthorised Non-Banking Financial Organisations (NBFCs) in Tripura.
 
The erstwhile Left Front government in Tripura had enacted a law in 2000 to deal with the illegal NBFCs and chit fund organisations and since 2016 began confiscating all movable and immovable properties of the Rose Valley chit fund organisation in the state.
 
The chit fund organisation -- Rose Valley -- is now under the scanner of the Enforcement Directorate and the CBI. Its sole proprietor and Chairman Gautam Kundu was arrested in Kolkata in 2015.
 
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

Lohith S

4 weeks ago

Hi,
My self Lohith from Bangalore..
I have opted to quit the business. Hence there is no point of Next year V Con.
have written several times emails to [email protected] and [email protected] but there is no response. All the peoples who have done the booking are not helping and not taking calls now.
Please help to get contact number of right person to request for refund of my tickets booked.
Regards,
Lohith
9741745123

Sonuu Tilwani

2 months ago

https://m.timesofindia.com/city/mumbai/2-directors-of-firm-held-in-rs-4500-crore-ponzi-fraud/amp_articleshow/65747002.cms


You all can comment here as well on FB .....who all are scammed pls do the needful

vamique sayed

3 months ago

This is a ponzi scheme.. I knew it more than a year ago when I heard about it.But in spite warning people they invested and are now repenting. Government is largely to be blamed for turning a blind eye to this for years.

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