Economy & Nation   Exclusive
QNet: EOW freezes Rs45 crore in two bank accounts of the MLM

Tightening the noose around QNet, the economic offences wing of Mumbai police froze two bank accounts that have Rs45 crore in balance. Meanwhile, the police custody of Manjunath Hegde, arrested in the same case has been extended

Economic offences wing (EOW) of Mumbai police, which is probing QNet has frozen two bank accounts related with the Hong Kong-based controversial multi-level marketing (MLM) operator. These bank accounts reportedly have a balance of Rs45 crore. In addition, the police custody of Manjunath Hegde, arrested in this cheating case, has been reportedly extended, says sources.

 

Last week, EOW registered a case against QNet, for allegedly duping thousands of investors by selling them plastic and glass products terming them miraculous objects for treating severe diseases like Cancer.

 

The complainant, Gurupreet Singh Anand, a computer consultant from Lokhandawala, Andheri stated that his wife was duped for Rs30,000 by some people who had introduced themselves as the independent representatives (IRs) of QNet. Anand told the police, “They (IRs) had said that one of the bio-products my wife bought could be used to treat my 12-year-old son's brain related diseases.”

 

The first information report (FIR) names five accused, including QNet's Hong Kong-based founder Dato Vijay Eswaran, a Malaysian by birth and an Indian by ethnicity, who is photographed hobnobbing with the Prince of Saudi Arabia, in order to enhance its credibility in the Gulf.

 

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    COMMENTS

    jitu moni

    3 years ago

    http://www.mid-day.com/articles/qnet-case-scam-mumbai-news-mumbai-airport-arrest-eow-aditi-mitra/18084164
    The Economic Offences Wing (EOW) of the city police arrested a woman in her early 30s on Thursday for her active involvement in the multi-crore QNet scam. The total number of arrested accused has now reached 47, which includes Billiards champion and Padma Bhushan recipient Michael Ferreira.
    In the Rs 1,000-crore scam of Hong Kong-based company QNet, nearly 5 lakh investors across the country were duped. QNet has been accused of using the banned binary pyramid business model for its multi-level marketing schemes to lure investors.

    QNet posed as a marketing firm selling bio-discs, watches, herbal products, holiday packages, etc. It also claimed that by using the bio-disc, one could cure cancer and brain diseases, the police said.
    Too much baggage
    Accused Aditi Mitra was intercepted at the Chhatrapati Shivaji International Airport, and subsequently, arrested based on the lookout circular that had been issued against her.

    Assistant commissioner of police Arun Jadhav confirmed her arrest said she was sent to police custody till March 23.
    Mitra was allegedly trying to flee to Dubai for good. She was carrying eight big bags and two handbags. Of the eight, two contained her belongings; she refused to say what was in the other six, sources said.

    Mitra, an independent representative associated with QNet, had been getting hefty commissions in return. She has multiple bank accounts, with one alone having Rs 25 lakh, as EOW officials found, adding that all her bank accounts have been frozen.

    Active player
    Investigators found that on the instructions of the other accused, Mitra was actively involved in the scam. She had brainwashed victims in order to induce them to invest in the scheme,” said special public prosecutor Pradip Gharat.

    A victim, Sewri resident Arpita Majarekar, said, “She would conduct welcome sessions in malls and trap people with her sweet talk.

    She had promised me and many others that if we invested in the scheme, we would get double the amount in three years.” Majarekar, who works in a private firm in Andheri, had invested nearly Rs 12.5 lakh in the scheme through Mitra.

    She has been booked under relevant sections of the Maharashtra Protection of Interest of Depositors in Financial Establishments Act, Prize, Chits and Money Circulation Schemes (Banning) Act, and the Indian Penal Code.

    gurupreet

    3 years 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 years 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

    3 years ago

    http://zeenews.india.com/news/maharashtra/qnet-case-sc-directs-maharashtra-govt-to-file-latest-probe-report_1924693.html
    Mumbai: The Supreme Court on Thursday directed the Maharashtra Government to file the latest status report regarding investigation so far on the anticipatory bail plea of World Billiards champion Michael Ferreira and four others, who are facing charges of money laundering in the multi-crore QNet case.

    The next hearing in the matter will take place on September 14.

    Besides Ferreira, the others whose anticipatory bail plea were rejected were Malcom Desai, Vanka Srinivas, Maganlal Balaji, all directors of M/s Vihaan Direct Selling (India) Pvt. Ltd, and Suresh Themiri, director of Transview Enterprises.
    They are facing charges under Sections 420 (mischief), 468 (forgery), 471 (using forged document knowing it is not genuine) of the Indian Penal Code (IPC).

    Justice Mridula Bhatkar of the Bombay High Court, who took on record the statement of public prosecutor Pradeep Gharat that investigations were still on, had in May rejected their anticipatory bail pleas.

    Ferreira had started the operations of QNet, a multi-level marketing company, in India via his firm Vihaan Enteprises.

    The QNet cheating case began with a complaint by Gurpreet Singh Anand, who raised his voice after losing Rs. 30,000.

    According to the police, the money involved has crossed Rs. 1,000 crores in the alleged scam with more than five lakh investors allegedly losing their money in the case against QNet which is being probed by the Economic Offences Wing.
    ANI

    jitu moni

    3 years 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

    jitu moni

    3 years 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.

    jitu moni

    4 years ago

    Hello Everyone

    The company Qnet is celebrating VCon from 3-7 May. As a present,yesterday late night, I posted lot of comments on numerous pics uploaded on Instagram. I also posted on VChief Pathmans account. Unfortunately, they kept deleting my posts and had to ultimately block me. If each one of us, Indians, takes to instagram and starts posting messages like me, then they would have to either block us or abandon their account, which is their money making tool. You can start with Qnetofficial,TheV, Pathmans account, etc with phrases like Pyramid Scheme, Qnetscam, Franchise Fraud, Police arrests, court cases,Cheating, etc. They cannot stop us if we all work as one unit.

    Hope we all teach them a lesson and save other fellow Indians.

    Jai Hind

    jitu moni

    4 years ago

    http://www.asianage.com/mumbai/cm-devend...
    CM Devendra Fadnavis has assured detailed inquiry into QNet: BJP
    Chief minister Devendra Fadnavis has promised to make a detailed inquiry of the alleged irregularities by the QNet multilevel marketing company and take action against the offenders, said BJP spokesperson Madhav Bhandari on Saturday. Former union minister P. Chidambaram’s wife was a legal counsellor with the company.

    The QNet company, which was earlier known as Goldquest, has cheated 12 lakh people to the tune of thousands of crores of rupees. The court has rejected anticipatory bail to the accused in this case. When the CM was contacted about this, he promised to make a detailed inquiry and take action. If necessary, he said that the CBI’s help would also be taken, said Mr Bhandari.

    The party spokesperson demanded that the role of former Union minister P. Chidambaram and his wife needs to be probed in this case. “Mr Chidambaram’s wife was a legal counsellor of the concerned company. Taking note of complaint registered by a lawyer from Chennai, the Central Vigilance Department handed over the case to the CBI. The complaint also has a mention of former Union minister Shashi Tharoor. However, the CBI did not investigate the matter during the tenure of Congress government at the Centre,” he alleged.

    In Maharashtra, the wife of Gurpreet Singh Anand had in 2013 filed a complaint of fraud against the company. However, there was not much inquiry during the Congress-NCP regime. But since the court has denied anticipatory bail to other accused, including sportsman Michael Ferreira, the investigation can be expedited. Many sensational things are expected to come out in the investigation as the CM has promised to carry out a detailed probe in the case, said Mr Bhandari.

    jitu moni

    4 years ago

    Mumbai police seeks Zee business help in probe of QNet
    https://http://www.youtube.com/watch?v=RabPkRNutwU

    jitu moni

    4 years ago

    http://timesofindia.indiatimes.com/city/...
    A group of investors in the QNet multi-level market case on Sunday gathered near Holy Family Church and marched as a protest and public awarness against ponzi schemes. The protesetors reached at the house of accused Padma Bhushan Michael feriera in the QNet cheating case. The protesters were holding placards that read, Michel Ferriera Shame Shame! and Ban QNet".

    "We chose Bandra for protest since most of the accused in this scam reside here. We had informed the police in advance and stated that the peaceful march will be for awareness about such fraud schemes and protest against such ponzi schemes," said Gurpreet Singh Anand, the first complainant in the QNet cheating case. He added that thgough it was his birthday but he did not spend time at home and was busy in the awareness drive.
    Similar protests were held in New Delhi, Bangalore and Hyderabad on Sunday. Last month a special MPIDA court rejected the anticipatory bail plea of Michael Ferreira, winner of the World Amateur Billiards Championship and a Padma Bhushan recipient, and four others in the QNet case. They have approached the Bombay High Court for anticipatory bail. Ferreira, 77, and others had applied for anticipatory bail in 2014.

    jitu moni

    4 years ago

    http://timesofindia.indiatimes.com/city/...
    The economic offences wing of Mumbai police, probing the multicrore Qnet scam, has issued notices to Indian Super League (ISL) officials to gather details about taking sponsorship from the tainted company.
    Qnet had made celebratory association as the official direct selling partner of Goa Football Club (FC Goa) throughout the Indian Super League 2015 season, from October to December. FC Goa is a part of the ISL football league tournament. Sources said the police are trying to find out the how the proceeds of crime of a company under serious investigation, have been used to sponsor the team. Police are also baffled as how the Qnet managed to generate money when its accounts have been seized. "We have sum moned ISL officials to understand the amount and flow of money in their sponsorship from the Qnet company which had defrauded several investors," said an official.

    jitu moni

    4 years ago

    The fight against the Qnet scam wheré more than 7000 crores of rupees has been laundered out to foreign shores from India has just got bigger.

    The Saradha Scam which started mainly in Bengal looks relatively smaller compared to the Qnet scam which had defrauded people across various cities like Mumbai,Delhi,Bangalore,Hyderabad etc for over a period of 10 years.

    To unite and protest against this MLM scam plaguing India, all victims,activists, are requested that they gather outside Holy Family church,Hill Road,Bandra West at 10.30 A.M. tomorrow 24th April,2016.

    Various press and media agencies will be present to cover the event meet and address grievances to authorities.

    The current government has taken note of the Qnet scam and matter will be taken up at upcoming Parliament session.

    All Indians are cordially invited to support the cause and join in the protest. We need to end the scam by spreading awareness and recover the money taken away by the scamsters.

    A request to all to please forward this message on Facebook, twitter and WhatsApp groups... Jai Hind

    Dev

    4 years ago

    YOU CAN REPORT ANY FRAUD BY ANY PONZI SCHEME TO THE FOLLOWING (DEPENDING ON THE CITY IT HAPPENED). SEND YOUR COMPLAINT BY REGISTERED AD OR VISIT PERSONALLY AND TAKE A STAMPED ACKNOWLEDGEMENT. THIS WILL ALSO ENSURE THAT IF ANY MONEY IS DISBURSED FROM ANY SEIZING OF ASSETS/MONEY UNDER ACTS LIKE MPID ACT, YOU WILL BE ABLE TO LAY A CLAIM

    THE FULL LIST FOR EVERY STATE IS AVAILBALE AT https://rbi.org.in/commonman/Upload/English/Content/PDFs/LNA100112C_M.pdf

    FOR MAIN METROS, THIS IS THE ADDRESS

    MUMBAI

    THE JOINT COMMISSIONER OF POLICE (EOW)
    MUMBAI POLICE
    Ground Floor, Annexe 2 Building
    Police Commissioner Office
    Crawford Market, Mumbai - 400001

    DELHI

    Deputy Commissioner of Police
    Economic Offences Wing
    Delhi Police
    Mandir Marg
    New Delhi 110001

    BENGLURU

    Cyber Crime Police Station,
    CID Annexe Building, Carlton House,
    # 1, Palace Road,
    Bangalore - 560001.

    CHENNAI

    Deputy Commissioner of Police(EOW)
    Chennai Police
    Economic Offences Wing CID
    C 48, II- Avenue, TNHB, 3rd Floor,

    Anna Nagar, Chennai-40.

    HYDERABAD

    Office of the Addl.Director General of Police,
    Crime Investigation Department
    Andra Pradesh at RBVRR Telangana State Police Academy,
    Himayatsagar,Hyderabad-500091, Telangana State

    NOTE: YOU CAN CHECK WHERE THE ECONOMIC OFFENCES WING (EOW) OF YOUR STATE/CITY IS LOCATED AND VISIT PERSONALLY AND LODGE A COMPLAINT

    Agyat Vyakti

    4 years ago

    Off the topic. This is just for awareness.. Qnet and MLM are using friends and relatives to dupe you... You may like to read Qnet modus operandi with screen shots and facts and how to avoid them here ... Please share for public interest.. Qnet Scam in delhi by Ashwin Baluja and Prithvi Raj Grover http://qnetindiascam.blogspot.in/

    jitu moni

    4 years ago

    http://www.moneylife.in/article/qnet-mpi...
    The special court has rejected anticipatory bail applications of two directors of Vihaan, Suresh Thimiri of Transview as well as Malcolm Desai and Michael Ferreira, the stakeholders of Vihaan that handles QNet's MLM operations in India

    The special Maharashtra Protection of Interest of Depositors (MPID) Court on Tuesday 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 20% stakeholder in Vihaan and Michael Joseph Ferreira, former world champion of billiards and 80% stakeholder in Vihaan.
    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.

    Transview Enterprises is an associate company of Vihaan Direct Selling Pvt Ltd that handles QNet's multi-level marketing (MLM) operations in India since 14 April 2012. Vihaan Direct Selling, in which Michael Ferreira, the former world billiards champion, owns 80% stake, is a direct selling agent of QNet and had done large financial transactions with Thimiri's company Transview.

    The EOW had booked several accused including the former world champion of billiards and five companies related with QNet, under the MPID Act. This means all the cases against QNet, Vihaan and all those involved in the MLM scam would be heard before the special MPID Court. Until now, the accused were being investigated for cheating and forgery under the Prize, Chits and Money Circulation Schemes (Banning) Act 1978, and for money laundering by the Enforcement Directorate (ED).

    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.
    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. Anand told the police, “They (IRs) had said that one of the bio-products my wife bought could be used to treat my 12-year-old son's brain-related diseases.”

    Economy & Nation   Exclusive
    QNet: Mumbai police register fraud case against the MLM

    EoW from Mumbai registered an FIR against QNet, the MLM company, for allegedly duping thousands by selling them plastic and glass products as miraculous objects

    QNet, the controversial Hong Kong-based multi-level marketing (MLM) operator with multiple names (GoldQuest, QuestNet, QNet, QI Ltd and QI group are the better-known names) has finally come under the radar of Mumbai police.

     

    According to a report in Times of India, the economic offenses wing (EoW) of Mumbai police has registered against QNet, for allegedly duping thousands of investors by selling them plastic and glass products terming them miraculous objects for treating severe diseases like Cancer.

     

    "The firm (QNet) posed as a marketing firm which would sell bio-disc, watches, chiPendants, gold coins, herbal products, e-education packages and holiday packages. They even claimed that by using the bio disc one can cure cancer and brain related diseases," the report said quoting a police officer.

     

    UPDATE: According to a report from Times of India, the EoW has arrested Bandra-based Manjunath Hegde for cheating in the QNet case. He was reminded to police custody till 22nd August. "Hegde, who is an advertiser by profession, was arrested from his Bandra residence. We searched his house and seized computer hard disc and several incriminating documents, which will be produced in the court. There are some payment/commission receipts among the documents," the report said quoting an investigator.

     

    The complainant, Gurupreet Singh Anand, 40, a computer consultant from Lokhandawala, Andheri stated that his wife was duped for Rs30,000 by some people who had introduced themselves as the independent representatives (IRs) of QNet. Anand told the police, "They (IRs) had said that one of the bio-products my wife bought could be used to treat my 12-year-old son's brain related diseases".

     

    The first information report (FIR) names five accused, including QNet's Hong Kong-based founder Dato Vijay Eswaran, a Malaysian by birth and an Indian by ethnicity, who is photographed hobnobbing with the Prince of Saudi Arabia, in order to enhance its credibility in the Gulf.
     

    (Vijay Eswaran (circled), the founder of QNet along with Dev Wadhwani (in blue shirt), VP of QNet Source: facebook.com/QNETIndiaOfficial)

     

    "One of the wanted accused Vijay Eswaran, had earlier floated two firms; Gold Quest and Quest Net Enterprises, in India and duped thousands of people. These two firms were also popular in Egypt, Afghanistan and Malaysia. We are trying to zero in on Eswaran and will soon arrest him," the newspaper said quoting the officer.

     

    While QuestNet and GoldQuest, which mainly sold numismatic gold coins (they claimed they were limited edition coins that whose value would increase over time) in 2009 were forced to shut shop in India, their new avatar QNet offers a broader range of lifestyle ‘enhancing’ products (holiday packages, diamond watches, bio-discs, Chi-Pendants and herbal products for anything between Rs30,000 to Rs7 lakh), which promise fabulously high returns so long as new distributors are enrolled rapidly. Its product brochure says, “With 8 ways to earn and up to 50% of the sales paid out in commissions, QNET offers the most dynamic and innovative compensation plan in the direct selling profession.”

     

    (Suresh Thimiri, MD & CEO, QNet India (circled) with Indian Tennis stars at the Davis Cup Source: facebook.com/QNETIndiaOfficial)

     

    The last time around, QNet was being evangelised by former World Billiards champion Michael Ferriera, as well as some former international cricketers. QNet even sponsored the Indian tennis team for Davis Cup. This time, it is being hard-sold by senior corporate executives, including heads of multinational companies, who have been forced to quit in the 40s and 50s, having fallen off the career ladder. Moneylife has received emails from several worried readers asking us to bring the “QNet scam” to the attention of regulators before it dupes their friends and relatives already ensnared by the hard sell.

    (Muttiah Muralitharan, the greatest Test match bowler from Sri Lanka at QNet event. During 2005, the GoldQuest scheme spread across Sri Lanka, marketing gold coins for double their worth. This forced the country to frame new law to ban MLMs, especially GoldQuest. Image Source: facebook.com/QNETIndiaOfficial )

     

    Manoj Arora (name changed), a chartered accountant and management consultant tells us how he decided to string along a QNet ‘operative’ to understand its modus operandi which promises to make you a millionaire in two or three years.

     

    He was scandalized at what he discovered and says, “QNet is just not about Amway-esque MLM but a Stockguru-type pyramid scheme. The premise is to get more and more people to invest Rs1 lakh to Rs6 lakh in an 'e-commerce' venture. They make you owners of QI group by selling three shares for every Rs1 lakh. How does that generate returns? The victims who are enrolled into the scheme, in turn hunt for newer victims to buy into the Ponzi. They are entitled to get 14% of share capital they or their victims raise. The scam is proliferating through social media like Linked-in to find newer targets. This reader had stored names and screenshots of people canvassing QNet from their profiles on Linked-in.

     

    Well, the company had a chequered past. In 2008-09 it was making waves like it is today. At that time, it flaunted powerful political connections (at that time a GoldQuest executive, K Preetha had said that Nalini Chidambaram was a legal advisor. This was after we pointed out that the connection was highlighted at its meetings to recruit/ensnare new agents). However, QuestNet virtually folded-up after the Chennai police arrested several employees and the business was in complete disarray.

     

    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. The money earned by a Diamond Star in QNet is almost the same that Mukesh Ambani of Reliance Industries (RIL), India's richest man as per the Forbes list, earns every week as salary (Mukesh Ambani forgoes Rs23.82 crore from his pay package ). We all have heard about Mr Ambani and his wealth. However, nobody knows how many Diamond or Platinum Stars are there in QNet's MLM network. If you know, please share it.

     

    There are several people who are now demanding their money back from QNet. Few of them even posted such messages on QNet India's page on Facebook. On 20th May, Suryakant Kaushik, posted: "Even after a month of filing for the cancellation, I am still waiting for the refund. Adding to this, I have dialled the customer care numbers-+91 99 0006 3901 & +91 96 8668 9974.10-15 times a day but nobody responded. I am very frustrated by the way my case is handled. Never thought that the refund process could take more than a month and still nothing can be said about the status."

     

    CA Abhishek Sahay wrote this message: "hi CHIEF Pathman...on 1st AUG 2013 I bought QVI Club membership from QNET for Rs2.61 Lakh and on 2nd August, I requested to cancel it and refund full amount, QNET official assured initially to refund full amount but now they are not responding my call or email. I request you to please look into the matter and get my full refund as soon as possible. My IRship is IN*****9 and email is a******[email protected]; Please do not let me feel cheated by your Company QNET. Please do not check my calmness. Refund my money ASAP."

     

    Bala Kavassery posted this message: "I have been requesting since last 5 days with QNet support team India for cancellation of my IR IN*****4 and refund of vacation package ordered earlier. No support or response forthcoming till date. Once again request for my IR cancellation and refund of vacation package amount."

     

    As Moneylife wrote earlier, Ashu Dutt, a well-known television journalist shared how he and his family became a victim of QNet. He said, "QI/ QNet/ QuestNet/ GoldQuest/ Faith Network is not just a fraud, but they lure women to break away from their families and then go after the family money. My own wife fell into this trap. Once this was done, they got her to put money from our house and relatives. Once they trap the women, they go after their wealth. My wife has now gone on to take over our assets by changing directors and doing all kinds of illegal corporate stuff guided by QI kingpins. This is my story. I can tell you that there are hundreds of Indian families that have been ruined by these people. In Mumbai, they use hypnotism and cult-like practices (wearing white clothes with blue pendants)."

     

    In India, QNet’s MLM operations were controlled by QuestNet Enterprises (India) Pvt Ltd, a company registered at Chennai till 13 April 2012. From next day, it shifted all its registered agents, database and business to Vihaan Direct Selling Pvt Ltd, company registered in Bengaluru.

     

    Moneylife has done extensive work on all MLMs and come to the conclusion that all of them fall foul of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.  We have also made representations to the Prime Minister’s office to ban MLMs altogether or allow them to operate under a clear regulatory framework under a designated regulator.

     

    Today, while tens of thousands MLMs and Ponzis are cheating people no ministry or regulator is in charge. The ministry of corporate affairs (MCA) does not even require these companies to be incorporated in India. This ludicrous situation persists at a time when there is such heated debate about legitimate foreign direct investment in retail and insurance.

     

    You may also want to read...

    QNet, the MLM has resurfaced in India; will people be duped again?

     

    QNet, the MLM company, has no answers to Moneylife’s simple questions

     

    QNet: The “money game” played by MLMs to lure the gullible

     

    Forbes magazine's strange activism on behalf of the shady MLM QNet

     

    MMM India, QNet ‘cult’ growing. Why government is dragging its feet in tackling this MLM menace?

     

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    User

    COMMENTS

    OMNAMAHSHIVAY

    10 months ago

    ATTENTION PLEASE !!!⚠️
    IMPORTANT ANOUNCEMENT!!! ⚠️⬇️
    FRAUD FRAUD FRAUD ⚠️⬇️Hello guys
    There is a fraud that is in trending on OLX.
    I am a Victim of this Fraud so I am writing this to aware you guys.
    If you have posted an add to sell your CAR on OLX, there is a chance that a fraud name “Vishal Pandey” aka ”Tarakeshwar Gorakhnath Pandey” might contact you, he might show interest to buy your car asap.
    He might say that he is manager in ICICI bank Nalasopara west branch.
    He might come to inspect your car and will finalize it in 10 mins without doing much bargain .
    He will say that he will pay you via Demand Draft. As he is working in bank they are allowed to pay via DD or Bankers Cheque. He will ask for your account details to prepare a DD / Bankers Cheque.
    If you have a loan on your car he will say he will visit the branch and pay off the loan and rest he will pay in the form of Demand Draft.
    If you do not have loan on your car he might pay you certain token amount Via NEFT and rest he will pay you via Demand Draft or Bankers Cheque.
    Later he will insist you to give an instant car delivery and ask you for Original Document along with Transfer form and Insurance Copy.
    If you agree with him that thinking you had given you a demand Draft (In my case I agreed)& Complete the Formalities . His associates will record the entire process of signing the transfer paper and handing over the car & Keep that as Evidence for future. They will take delivery, signing the Delivery note and would whats app you Addhar Card & Pan Card & take yours.
    Now when you visit your bank next day to Deposit DD, your bank might inform you that, this is not a DD instead it is a Normal Cheque of a Saving Account. When you call him and Enquire about the same he will say the cheque belong to his maternal uncle, and it will clear do not worry you can deposit the cheque. When you deposit the Cheque it will get returned stating Signature mismatch or Funds Insufficient.
    When you approach Tarakeshwar Pandey, He will give you another cheque which will get dishonored stating that’s Funds insufficient. & later he might give you few more cheques which will get dishonored in the same way. None of his cheque gets cleared. ( If you see his bank statement you will notice cheque in series are getting dishonored, there are no funds in his account still he is issuing cheques)
    He might also send you some Fake Screenshot of NEFT. These are Queued Transaction (Standing Instructions) which never get credited to your account.
    He might also share Screenshot of YES Bank to prove he has balance in Lacs . ( He would deposit cheque for eg: 500 000/- from his Federal Bank which might have balance of 100/- to his YES bank when the cheque comes for clearing at Yes bank it will display Ledger balance of 500000/- in his YES Bank account. He will take screenshot of it and will share that with every one stating he has balance in his account and will give fake promises.)
    All the cheques used for these transactions are from Federal bank Malad West & Thane Manpada Branch & Yes Bank.
    He will keep answering all your call and will make fake promises.
    He use all this tricks just to consume time, and meanwhile his associate car dealer would sell that car to any third party. (If your car gets transferred you cannot get your car back)
    And when you approach the legal system they might tell you this is 138 case of cheque bounce and you need to do it via civil court. When you approach Civil court you have to pay Case fees as well hire advocate and it generally takes around 3 - 6 years for the 138 case to get resolved.
    You might not be able to File an FIR or take any Legal Action. Hence you need to rely on fake promises.
    Till the time you rely on fake promises. Your car is sold to a third party usually outside states, so it’s very difficult to trace the car.
    He does not have a fix address where he can be traced.
    The modus operandi of this Crime is to give fake cheques and sell the car outside Maharashtra mainly in UP.

    If you have been victim of this type of fraud please contact local authority as soon as possible.
    This is a big racket and needs to be exposed.
    Many people from Vasai, Nalasopara, Mulund, Thane, Andheri are Victim of this fraud.

    I will soon share Contact & Gang members Details of this Fraud.

    Tarakeshwar Pandey #Tarakeshwar_Pandey #Tarakeshwar_Gorakhnath_Pandey #Tarakeshwar_Panday #Vishal_Pandey #OLX #OLX_FRAUD #MUMBAI_FRAUD

    jitu moni

    3 years ago

    http://www.mid-day.com/articles/qnet-case-scam-mumbai-news-mumbai-airport-arrest-eow-aditi-mitra/18084164
    The Economic Offences Wing (EOW) of the city police arrested a woman in her early 30s on Thursday for her active involvement in the multi-crore QNet scam. The total number of arrested accused has now reached 47, which includes Billiards champion and Padma Bhushan recipient Michael Ferreira.
    In the Rs 1,000-crore scam of Hong Kong-based company QNet, nearly 5 lakh investors across the country were duped. QNet has been accused of using the banned binary pyramid business model for its multi-level marketing schemes to lure investors.

    QNet posed as a marketing firm selling bio-discs, watches, herbal products, holiday packages, etc. It also claimed that by using the bio-disc, one could cure cancer and brain diseases, the police said.
    Too much baggage
    Accused Aditi Mitra was intercepted at the Chhatrapati Shivaji International Airport, and subsequently, arrested based on the lookout circular that had been issued against her.

    Assistant commissioner of police Arun Jadhav confirmed her arrest said she was sent to police custody till March 23.
    Mitra was allegedly trying to flee to Dubai for good. She was carrying eight big bags and two handbags. Of the eight, two contained her belongings; she refused to say what was in the other six, sources said.

    Mitra, an independent representative associated with QNet, had been getting hefty commissions in return. She has multiple bank accounts, with one alone having Rs 25 lakh, as EOW officials found, adding that all her bank accounts have been frozen.

    Active player
    Investigators found that on the instructions of the other accused, Mitra was actively involved in the scam. She had brainwashed victims in order to induce them to invest in the scheme,” said special public prosecutor Pradip Gharat.

    A victim, Sewri resident Arpita Majarekar, said, “She would conduct welcome sessions in malls and trap people with her sweet talk.

    She had promised me and many others that if we invested in the scheme, we would get double the amount in three years.” Majarekar, who works in a private firm in Andheri, had invested nearly Rs 12.5 lakh in the scheme through Mitra.

    She has been booked under relevant sections of the Maharashtra Protection of Interest of Depositors in Financial Establishments Act, Prize, Chits and Money Circulation Schemes (Banning) Act, and the Indian Penal Code.

    gurupreet

    3 years 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 years ago

    http://zeenews.india.com/news/maharashtra/qnet-case-sc-directs-maharashtra-govt-to-file-latest-probe-report_1924693.html
    Mumbai: The Supreme Court on Thursday directed the Maharashtra Government to file the latest status report regarding investigation so far on the anticipatory bail plea of World Billiards champion Michael Ferreira and four others, who are facing charges of money laundering in the multi-crore QNet case.

    The next hearing in the matter will take place on September 14.

    Besides Ferreira, the others whose anticipatory bail plea were rejected were Malcom Desai, Vanka Srinivas, Maganlal Balaji, all directors of M/s Vihaan Direct Selling (India) Pvt. Ltd, and Suresh Themiri, director of Transview Enterprises.
    They are facing charges under Sections 420 (mischief), 468 (forgery), 471 (using forged document knowing it is not genuine) of the Indian Penal Code (IPC).

    Justice Mridula Bhatkar of the Bombay High Court, who took on record the statement of public prosecutor Pradeep Gharat that investigations were still on, had in May rejected their anticipatory bail pleas.

    Ferreira had started the operations of QNet, a multi-level marketing company, in India via his firm Vihaan Enteprises.

    The QNet cheating case began with a complaint by Gurpreet Singh Anand, who raised his voice after losing Rs. 30,000.

    According to the police, the money involved has crossed Rs. 1,000 crores in the alleged scam with more than five lakh investors allegedly losing their money in the case against QNet which is being probed by the Economic Offences Wing.
    ANI

    jitu moni

    3 years 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

    3 years ago


    Be ready to fight against QNET and all your uplines including friend.
    Find QNET REFUND and FIGHT AGAINST QNET procedure as below.
    1st Option
    If your purchase on product receipts is in INR rupees then with in 30 days of purchase or if your purchase is in USD dollar then with in 7 days you can send email to Qnet customer support for refund otherwise Qnet will deny you refund. Then go to 2nd option which all need to go for even after you get refund to get QNET banned from India and to save our brothers & sisters.
    1. Get your IR ID first.It will come to your mail box once your upline register your email id on portal. If email id is given wrong then call Qnet customer support numbers and complain about your upline. Ask your IR ID and products purchased details from them.
    2. Send a cancellation mail to the support team of QNET with a subject line as "REFUND IN****".
    provinding all details of transactions and product details.Usually IR number will be like IN4444 and all. Attach scanned PAN CARD and product receipts in the mail to them.
    [email protected]
    [email protected]
    [email protected]
    [email protected]
    [email protected]
    3.Once this mail is sent, the support team will create a CRF number and sends to Hong Kong team for approvals for the refund request. It will take 15-20 working days for the approvals for refund request.
    4.Meanwhile, mail them or call them on every alternative days for an update.
    Numbers:
    9900060061,62,64,68-veronica
    9900060605-rekha,jasvinder kaur
    5.Once Refund request is completed ,they ask for the mode of payment.
    Ecards or Account Money transfer. Better go for Money transfer to your account.
    If you opt for account transfer, then you have to send a scanned copy of your account cheque leaf or bank statement.
    6.After 20 working days, you will get your money refunded of the product to your bank account.
    7.Rest of money left , you collect from your upline by filing complaint in local police station.

    2nd Option
    pls all go for 2nd option even if you get money refunded as per option 1 by QNET to ban QNET and save indians.
    File written complaint/FIR against your friend and all uplines at local police station and write in complaint that QNET is running money circulation scheme which is banned in india as per prize ,chit and money circulation scheme ,1978. Your uplines will be called by police and they will return you money through QNET or themselves as you can not get refund from Qnet after one month is over if products purchased through indian portal and after 7 days if purchased through world portal. Warn your uplines that you are going to file complaint/FIR against them. Besides above process kindly by post or by hand send your complaint to THE DCP, ECONOMIC OFFENSES WING, MANDIR MARG, DELHI also to ban QNET by using format of complaint given below.
    https://drive.google.com/file/d/0ByQ-yz2wwceEX3BEV3kxZlNkbDg/view?usp=drivesdk
    In your complaint attach uplines photos, mobile numbers, your bank account statement if you transferred money from your account to upline account or cash/DD deposit receipt, pan card, address proof, purchase receipts. Mention in your complaint that meeting took place nearby your home or office otherwise local police will ask you to lodge complaint at police station where actual meeting took place. File complaint at your nearby police station and EOW DELHI both to fight against QNET. Do not sign any affidavit asked by your uplines to give back your money. Please whatsapp me at 9871853120 only if any confusion.

    REPLY

    Saikrishna

    In Reply to atul gupta 2 years ago

    I am the member of Q net they say to firsy you got profite after they said to yoy need to join someone i will join and its completed 3 months they said to first if u pay once you not get money back how i gey my money back can u help me

    jitu moni

    3 years 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

    3 years 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.

    jitu moni

    4 years ago

    HC order against Qnet terming it as money circulation scheme and therefore illegal.

    jitu moni

    4 years ago

    QNet: Secret SFIO report says MLM, Ponzi schemes a threat to national security
    Read article http://www.moneylife.in//article/qnet-secret-sfio-report-says-mlm-ponzi-schemes-and-lsquo-a-threat-to-national-security-and-rsquo/46817.html

    jitu moni

    4 years ago

    Hello Everyone

    The company Qnet is celebrating VCon from 3-7 May. As a present,yesterday late night, I posted lot of comments on numerous pics uploaded on Instagram. I also posted on VChief Pathmans account. Unfortunately, they kept deleting my posts and had to ultimately block me. If each one of us, Indians, takes to instagram and starts posting messages like me, then they would have to either block us or abandon their account, which is their money making tool. You can start with Qnetofficial,TheV, Pathmans account, etc with phrases like Pyramid Scheme, Qnetscam, Franchise Fraud, Police arrests, court cases,Cheating, etc. They cannot stop us if we all work as one unit.

    Hope we all teach them a lesson and save other fellow Indians.

    Jai Hind

    jitu moni

    4 years ago

    http://www.asianage.com/mumbai/cm-devend...
    CM Devendra Fadnavis has assured detailed inquiry into QNet: BJP
    Chief minister Devendra Fadnavis has promised to make a detailed inquiry of the alleged irregularities by the QNet multilevel marketing company and take action against the offenders, said BJP spokesperson Madhav Bhandari on Saturday. Former union minister P. Chidambaram’s wife was a legal counsellor with the company.

    The QNet company, which was earlier known as Goldquest, has cheated 12 lakh people to the tune of thousands of crores of rupees. The court has rejected anticipatory bail to the accused in this case. When the CM was contacted about this, he promised to make a detailed inquiry and take action. If necessary, he said that the CBI’s help would also be taken, said Mr Bhandari.

    The party spokesperson demanded that the role of former Union minister P. Chidambaram and his wife needs to be probed in this case. “Mr Chidambaram’s wife was a legal counsellor of the concerned company. Taking note of complaint registered by a lawyer from Chennai, the Central Vigilance Department handed over the case to the CBI. The complaint also has a mention of former Union minister Shashi Tharoor. However, the CBI did not investigate the matter during the tenure of Congress government at the Centre,” he alleged.

    In Maharashtra, the wife of Gurpreet Singh Anand had in 2013 filed a complaint of fraud against the company. However, there was not much inquiry during the Congress-NCP regime. But since the court has denied anticipatory bail to other accused, including sportsman Michael Ferreira, the investigation can be expedited. Many sensational things are expected to come out in the investigation as the CM has promised to carry out a detailed probe in the case, said Mr Bhandari.

    jitu moni

    4 years ago

    Mumbai police seeks Zee business help in probe of QNet
    https://http://www.youtube.com/watch?v=RabPkRNutwU

    jitu moni

    4 years ago

    http://timesofindia.indiatimes.com/city/...
    A group of investors in the QNet multi-level market case on Sunday gathered near Holy Family Church and marched as a protest and public awarness against ponzi schemes. The protesetors reached at the house of accused Padma Bhushan Michael feriera in the QNet cheating case. The protesters were holding placards that read, Michel Ferriera Shame Shame! and Ban QNet".

    "We chose Bandra for protest since most of the accused in this scam reside here. We had informed the police in advance and stated that the peaceful march will be for awareness about such fraud schemes and protest against such ponzi schemes," said Gurpreet Singh Anand, the first complainant in the QNet cheating case. He added that thgough it was his birthday but he did not spend time at home and was busy in the awareness drive.
    Similar protests were held in New Delhi, Bangalore and Hyderabad on Sunday. Last month a special MPIDA court rejected the anticipatory bail plea of Michael Ferreira, winner of the World Amateur Billiards Championship and a Padma Bhushan recipient, and four others in the QNet case. They have approached the Bombay High Court for anticipatory bail. Ferreira, 77, and others had applied for anticipatory bail in 2014.

    jitu moni

    4 years ago

    http://timesofindia.indiatimes.com/city/...
    The economic offences wing of Mumbai police, probing the multicrore Qnet scam, has issued notices to Indian Super League (ISL) officials to gather details about taking sponsorship from the tainted company.
    Qnet had made celebratory association as the official direct selling partner of Goa Football Club (FC Goa) throughout the Indian Super League 2015 season, from October to December. FC Goa is a part of the ISL football league tournament. Sources said the police are trying to find out the how the proceeds of crime of a company under serious investigation, have been used to sponsor the team. Police are also baffled as how the Qnet managed to generate money when its accounts have been seized. "We have sum moned ISL officials to understand the amount and flow of money in their sponsorship from the Qnet company which had defrauded several investors," said an official.

    MLMs continue to dupe investors under ‘guaranteed returns’ from forex trade

    Kerala Police have arrested two persons in connection with a forex racket which has duped over 60 investors of several crores of rupees, while, at the same time, employees in Chennai have escaped

    While the rupee has been grabbing headlines of late, what is little known or reported is that a multi-level marketing (MLM) company under the guise of foreign exchange trading, Wismore Trading and Investment Consultancy Pvt Ltd (Wismore Trading), has defrauded more than 60 hapless investors of several crores of rupees, by promising them lavish returns, since 2011. The company’s officials, Antony Devassia and K Jaikuttan, have been arrested by the Kerala police, according to The Asian Age, which reported the news. It is also reported, by Manorama News, that Wismore International India Pvt Ltd (Wismore International) has closed down and the employees escaped upon hearing the news of the arrests. These two episodes clearly show regulation, or lack of it, has once again failed to protect Indian investors and savers, and that smaller companies that fly under the radar are capable of robbing investors and savers of their hard-earned money.
     

    According to the Asian Age, the Kerala police acted when it received two complaints from investors who had collectively lost Rs110 crore investing in Wismore Trading. The company’s modus operandi is similar to that of most MLMs and companies, which give ‘guaranteed’ returns. It supposedly, promised investors lucrative returns, of as much as 10%-15%, in exchange of large investments. It even paid initial investors regularly for at least three months to attract more savers. The money collected was deposited in another firm Wismore Trading FZC operating out of Ajman Free Zone in Dubai on the basis of fluctuations in currency value, reports The Asian Age.
     

    What is more shocking is that the Tamil Nadu police have not taken any action because no official complaint has been filed in the state yet, even though they are aware of what happened. According to Manorama News, it is believed that employees of Wismore International escaped in three cars.
     

    It is also interesting to note that the hoarding at the Wismore International office in Chennai has “Nirmal Bang” written in a larger typeface than Wismore. Moneylife wrote to Nirmal Bang seeking confirmation of whether the broker was indeed connected to Wismore International, in any capacity. We have not received any reply so far.
     


    Apparently, according to Wismore International website, it is a ‘registered’ forex trading company based in the British Virgin Islands (BVI), a well known offshore country where millionaires and crooks stash their money. No legal details could be found though.
    According to the Wismore International website, the company has two branches, one in Dubai and one in Chennai. However, according to Times of India, a preliminary police probe has revealed that the Wismore International had operations in various parts of the country under different brand names. Wismore Trading is one such entity that could be related to Wismore International.
     

    A quick glance at Wismore International website  clearly shows that the company doesn’t look genuine. It even describes itself as a consumer-friendly company. For instance, Wismore International’s vision is to “Provide Healthy Products and Services with Life Changing Results” while its mission is to “Provide a Safer Platform for Forex Trading Solutions”. The company goes a step further describing its USP by using positive adjectives: “The USPs of Wismore are Transparency, Trustworthiness, Sincerity, Integrity, Experience, Promptness and Ethical Responsibilities.” Many financially illiterate investors usually fall for rosy descriptions like the ones described above.
     

    It doesn’t stop here. In a similar case, the Peramangalam police arrested noted Kerala industrialist MK Kuruvila of Bangalore. He was arrested following a complaint lodged by Bijeesh, a native of Aamballoor, for swindling money from him, says Indian Express in a report. According to the Peramangalam police, Kuruvila had swindled Rs45 lakh on several occasions by saying that he would return the money after doubling it through foreign exchange trade and commodity trading. However, Kuruvila’s true intention came into lime light when he did not return Bijeesh’s money on time and did not answer his calls.
     

    Kuruvila is accused of duping several people making them deposit money in his company called Pan Asia Brokers and Consultancy Pvt Ltd, a company registered with the ministry of corporate affairs.  The police said that several other cheating cases were also registered against him at various police stations in the state. Sunil, a native of Amballur in Thirssur, had filed a complaint with the Pudukkad police against Kuruvila for cheating him of Rs52.35 lakh in the same manner.
     

    Unfortunately, the state of regulation in India is in a mess. Savers often have to rely on police complaints to take action, especially after they have lost money. This isn’t the first time the police have unilaterally taken action on the basis of complaints. Moneylife had written about how the Andhra Pradesh police took action against unsafe and shady MLMs. The story can be accessed here: MLMs to face scrutiny by FIPB following action by Andhra Police

    Reported by: Aditya Govindraj and Anishi Khetan

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    COMMENTS

    MOHAN

    6 years ago

    NIRMAL BANG needs to clarify. SEBI must order probe.

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