The Enforcement Directorate (ED) has attached properties worth over Rs150 crore of Chennai-based Gold Quest International Pvt Ltd in connection with a case of money circulation business and cheating public. Gold Quest is the previous avatar of QNet, the multi-level marketing (MLM) company, mired in investigations from several agencies and litigations for duping thousands of people from India.
The ED has attached the properties under Prevention of Money Laundering Act (PMLA). Immovable properties of Gold Quest like residential buildings, vacant lands and commercial complexes in Chennai, Madurai, Hyderabad and Mumbai were attached by the agency along with Rs5.3 crore cash, shares and mutual funds of Rs14 crore, deposits of Rs48 crore in various bank accounts and articles of gold and silver worth Rs27 crore.
"People who were at the helm of affairs are Pushpam Appalanaidu, K Padma, and Munnawar Ahamed. The financial investigations under PMLA revealed that these people acquired several properties using the crime in the name Gold Quest International, Quest net enterprises, Pallava Resorts and other companies," an official from the ED said.
Appalanaidu was known as managing director of QuestNet India, the previous avatar of QNet in the country.
Based on various complaints, Tamil Nadu Police registered a case against Gold Quest International in 2009 for cheating the public by selling gold coins and other articles at exorbitant prices projecting the articles as limited edition products with numismatic value.
Preliminary enquiries by police revealed that the company had expanded its operations by luring the people towards such articles and huge commissions were paid to the marketing employees.
Following police action, both QuestNet and GoldQuest, the multi-level marketing (MLM) companies run by QI group of Malaysia shut shop in 2009. They now call themselves QNet, which is also under the lens and the economic offenses wing (EOW) of Mumbai Police as well as ED are probing the operations of the company.
After the police investigation, the Enforcement Directorate stared its probe in 2016.
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”. (Read: QNet: Secret SFIO report says MLM, Ponzi schemes ‘a threat to national security’ http://www.moneylife.in/article/qnet-secret-sfio-report-says-mlm-ponzi-schemes-lsquoa-threat-to-national-securityrsquo/46817.html)
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.
As
Moneylife reported in 2012, QNet, the controversial MLM company, has been luring executives and professionals by promising a weekly income of Rs27.7 lakh. QNet claims that a Diamond Star can earn up to Rs27,73,800 (Rs27.7 lakh) per week while the same for a Platinum Star would be Rs22,39,050 (Rs22.4 lakh) a week.
However, the SFIO report simply trashes all such tall claims from the QI group. It says, “As per the data provided by the Managing Director, the GoldQuest and QuestNet sold products for a price of Rs806.15 crore to 2.39 lakh individuals. Out of these, about 50,000 people ever received any amount of commissions. Only about 20,000 were able to get more commission than Rs30,000, the initial amount of investment. So even though people were sold the concept and bought the products as a business opportunity, about 2.20 lakh people have actually lost money”.
The SFIO report also exposes the true nature of MLMs like GoldQuest and QuestNet. It says, “The key point here, which is exploited by MLM companies is that they claim to be selling products through the mechanism of direct sales and are not doing enrolment and the commissions are paid for sale of products and not for enrolling members. Thousands of such schemes are rampant across the country as was discovered by Investigation (SFIO) during its work, research and investigation. To prove that a scheme is violating Section 2(c) of (Prize Chits and Money Circulation Schemes (Banning) Act, 1978), even though it is claiming that it is not encouraging enrolments, it the point of contention as the companies, in this case, GoldQuest and QuestNet, indulged in a lot of deception to circumvent the eye of the Law enforcement agencies and the Courts.”
“…in fact, deception is the key to propagate the pyramid schemes as the newly-to-be recruited person is to be convinced of buying the opportunity (i.e. of earning huge and life changing commissions) rather than of convincing him of buying the product. Here the business opportunity is sold, i.e. of earning huge commissions and the seller gains only through payment of commissions to him by sales to his down lines, which he makes by enrolling more members on his chain. As per maximum limits set by the companies, a person earn maximum of Rs6.90 lakh per week as per the compensation plan. This amounts to Rs3.42 crore per annum per qualified membership. This is the business opportunity on sale. This is hugely alluring and acts as a strong drive to recruit rather than to sell to non-recruits to earn maximum commission,” the investigation report from SFIO 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, a computer consultant from Lokhandawala, Andheri who had filed first information report (FIR) against QNet, the MLM scam may have cost the country about Rs7,000 crore since the money is being remitted abroad.
I was also trapped. I lost my 9 lac Rs to the mumbai team.. Please do not put your hard earned money into qnet. Its a business of fooling people , trust me watch youtube videos of how people in qnet are trained to fool others. Dont lose money like i did
These are the people in mumbai team who sell qnet products.. please be careful if you are dealing with them
Mumbai
1. Vaishali gore (Also dubai)
2. Vishal mast
3. Pratik parmar
4. Kaustubh moghe
5. Praveen shettigar
6. V c gautam
7. Cs mallika ladi (Sap)
8. Yogesh jangam
9. Rupesh bamne
10. Jyoti parmar
11. Tejashree singh
12. Swati suman singh
13. Ravi kumar chaurasiya
14. Sheela mary
15. Manika bhardwaj
16. Sagar metkari
17. Sarika metkari
18. Prasad jadhav
19. Rakhi jadhav
20. Rohan naik
21. Reema kulkarni
22. Vijay naik
23. Gitesh kulkarni
24. Manju deshmukh
25. Preeti wahalkar
26. Anita naik
We have been receiving hundreds of enquiries from QNET VICTIMS across India asking on how to join the FINANCIAL FRAUDS VICTIMS WELFARE ASSOCIATION (FFVWA) which is fighting for the LEGAL RIGHTS of the QNET SCAM VICTIMS in SUPREME COURT of India. You can contact us on WHATSAPP on 9137721819 .
Congratulations to all FFVWA on our major mile stone and success in Supreme Court of India.
Before proceeding further I would like to mention that we are contactable on WHATSAPP on 9137721819 and victims can contact me on Whatsapp on this number only as my two phones were stolen in Delhi and my main number 7498053701 could not be recovered.
A brief summary on the need for forming the FFVWA is summarised in the two news stories below:
https://www.mid-day.com/articles/qnet-forms-financial-fraud-victims-forum-scam-gurupreet-singh-anand/17659179
https://www.mid-day.com/articles/victims-of-fraud-unite-to-catch-qnet-scamsters/19309192
As you are aware we have successfully fought the best criminal lawyers appearing for QNET SCAM till date including lawyers like Kapil Sibbal, Salman Kurshid, Mahesh Jhetmalani, Abaad Ponda…the list is long. The fight is being fought on LEGAL GROUNDS with good FACTS and DATA. The fight has not been easy and but each and every court that I have appeared and argued my case In-Person I have won inspite of BIG MONEY POWER/PRESSURES etc from the QNET SCAM supporters.
You can become part of our organisation FINANCIAL FRAUDS VICTIMS WELFARE ASSOCIATION (FFVWA) which is fighting for the LEGAL RIGHTS of the QNET SCAM VICTIMS in SUPREME COURT of India by downloading the membership form from
DropBox at
https://www.dropbox.com/s/2piy8eudhlz3oj6/FFVWA%20Membership%20Form.pdf?dl=0
and filing it properly and sending it across by courier to:
Anuja Kotecha (Joint Secretary)
Flat no 701, Nazreth Niketan,
Charath Singh Colony, Behind Dragon Fly Hotel,
Andheri-east, Mumbai: 400093
After having completed the form please take snapshots of the same and whatsapp to us on 9137721819.
Please beware there are no short cuts to refund, stay away from individuals who promise you refunds illegally using various tactics. Stay united and fight for your rights LEGALLY.
Regards
Gurupreet Singh Anand
Anuja Kotecha & FFVWA
Dont REGRET later if you miss this meeting, for which we are taking special efforts.
Please gather tomorrow sharp 11AM at Sudarshan 35MM, RTC Cross Road, CHIKKADPALLI, HYDERABAD..
For answers to your questions
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 POLICYâ€.
5. Are you eligible for “Compensations�
6. Issues regarding action by 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 coming Sunday i.e 23rd of July 2017 is the BIG DAY finally , Please do join us at 11AM at the above mentioned address and the location is also attached here with.
Please do come and also inform other victims of the QNETSCAM in Hyderabad, Telangana and Andra Pradesh.
For details WhatsApp me on 7498063701 or call on +918978700018 and speak to Mr. Raghav.
Please pass this important message on all WhatsApp groups, Facebook and Twitter etc so all victims of QNETSCAM in Hyderabad and around can attend.
Those who are attending please confirm in advance as we have limited capacity onlyðŸ™
Jai Hind
Dear Members,
Jai Hind to all. As you are aware I have had fought the QNET SCAM since last 4 years and devoted all these years full time towards taking effort to expose the QNET SCAM because of which millions of innocent people in India are loosing thier hard earned money and due to my efforts the #QNETSCAM had almost come to a stand still.
This fight has had taken a HUGE effort and affected my personal and professional life beyond what can be explained here, though all cases in which I appeared had verdicts coming in favor of the victims of #QNETSCAM
In Bombay High Court and the Supreme Court I have faced the best and most expensive lawyers in India like Mahesh Jhetmalani , Kapil Sibbal, Salman Kurshid , Dushant Dave etc but they could not protect the accused involved in the #QNETSCAM till recently when...
These accused cheated and played FRAUD upon the Supreme Court and obtained an stay order on all proceedings against QNET all over India. It is very very Important for all of us to come together and unite so that this fraud can be exposed and correct facts are brought before the Supreme Court.
To carry forward this fight further I need to move to Delhi and need support from you all without which this fight will come to an end. I request Donations from you all for fighting this #QNETSCAM which is destroying lifes, families and careers and thousands of crores are being laundered out of our country India.
I request donations and the same can be send thru Bank transfer or deposits in my bank account number as below:
Account number: 32280724593
BANK:
state bank of India, Lokhandwala branch
IFSC: SBIN0013204
Name as in bank records: Gurupreet Singh Anand
You can also donate via Paytm on 7498063701. Any donations big or small are welcome.
Other help in form of a place to stay in Delhi and if anyone has an extra activa or similar gear less two wheeler which I can use is also welcome. If you think you can help in any other ways please whatsapp me on 7498063701
Regards
Gurupreet Anand
Please pass this message to all groups, Facebook, Twitter, activists, members and victims of QNETSCAM, please join the fight in exposing the biggest ponzi scheme in India and stop the money being laundered out of our country
Vande Matram
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. Follow option 1 or 2 as applicable in your case.