The Serious Frauds Investigation Office in its ‘secret’ report on GoldQuest and QuestNet, the earlier avatars of QNet, warns that MLM or Ponzi schemes run by overseas operators, also nails the deception and huge claims of earnings used by MLMs to recruit more people
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”. The secret report (as it is labelled and not available in public domain) came out in 2012, but, there is no action taken for four long years to stop MLMs and Ponzi schemes like QNet from spreading. There have been some sporadic action and court cases going on at some places, but some determined individual victims, instead of government, are leading these efforts.
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”.
In November 2012, Moneylife had asked similar questions to QNet about average earnings of its independent representative (IR) and how many IRs earn less than $1,000 as commission in a year. There still are no answers from QNet.
However, as per the SFIO report, which is based on data provided by the QI group companies, it looks like about 92% of the IRs who joined the MLM scheme lost all their hard earned money. Around 50,000 or 21% IRs ever received any commission after joining the scheme, while just 8.4% or 20,000 agents actually were able to recover their ‘investment’ of Rs30,000.
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.
Earlier, Robert FitzPatrick, President of US-based Pyramid Scheme Alert, while terming schemes like QNet or GoldQuest as “endless chain”, or a “pyramid scheme”, had told Moneylife that such a fraud, whether the products are soaps, gold coins, vitamins or air in a box, will always cause 90%-99% of the investors to ‘fail’. “Whether some of the people engage in retail selling or not, the income promise that relies on continued expansion is deceptive, that is, it is a lie. The financial harm to the vast majority is predetermined. Unless the regulators and analysts recognize and are willing to assert that this form of business is ‘inherently' fraudulent and harmful, it is rather difficult to stop any one particular company,” he had said.
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.
The EOW of Mumbai Police, which is probing the case, had invoked the stringent Maharashtra Protection of Interest of Depositors (MPID) Act against QNet, which has denied any wrongdoing on its part. In February 2016, the special MPID Court rejected anticipatory bail applications of 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.
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 a 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.
QI group units were actually banned in 2009 while operating under the names of GoldQuest International Pvt Ltd and QuestNet Enterprises India Pvt Ltd after a Police action. In India, it was registered as GoldQuest International India Pvt Ltd in 2001. Elsewhere, QuestNet Enterprises was registered in November 2004 in Chennai. Between them, they had offices at Bangalore, Mumbai and Hyderabad.
Moneylife Foundation, an NGO for spreading financial literacy has been repeatedly warning people about falling for MLM and pyramid companies with innumerable examples of losses incurred. Moneylife Foundation had also sent a
representation to the Prime Minister, Finance Minister, Governor of RBI and SEBI.
Former Expenditure Secretary EAS Sarma has also written to the PM and the Ministry of Corporate Affairs (MCA) about the need to check the proliferation of Ponzis and binary pyramids which are duping people. We have been specifically told by the Ministry of Consumer Affairs and the Ministry of Corporate Affairs that they are investigating these scams and plan action/tightening of legislation. Just because our regulators are sleeping and scams are always discovered too late, if at all, does not make an unregulated scheme legal.
We hope the SFIO investigation report on GoldQuest and QuestNet will at least wake up the authorities now and there would be some firm action against such MLM and Ponzi schemes since even the poorest of the people are not spared from this menace.
I have been trapped by one college freind Amit Keyal ,from Calcutta University, who had once been a good friend and kind of a guide as well. I trusted him since college and respected him as I thought him to be a simple good man. But I am so mistaken as I released last year when he forced (by lying and showing confidence in him saying he is always there) me to pay him almost 2 Lakhs (I took a loan to give him that money) which he said he would give me back if I am not able to continue the so called e-commerce business (Qnet). Nothing was explained before the payment was made. all details about how the company works and what do i have to do are told after I was already trapped and had no other way but to follow what they say. They ask you to make friends and tell them that I m into a mind blowing business and henceforth trap the victim. I chose not to cheat people. My money is lost because since then I have called and messaged that so called businessman (traitor) numerous times but in vain and now after an year I have almost lost all hope of getting back my money .
But I m happy that I didn't turn into one of those kinds going around cheating my own friends and family.
There are many people making a lot of money out of this totally fraud MLM company. There are other MLM companies as well but they are ethical as they agree to that fact and reveal what a member has to do before trapping someone.
I Can provide Some Contact details hereunder:
Q Net Association in Kolkata and all over world.
Sl.No. Name Mobile No. Mobile No.
22 Amit Keyal +971-566584028
4 Ashish +977-9802036176
1 Avinash +91-9330958969
2 Dayanad Mittal +91-9920350221
8 Deepak Kankani +91-9830783316
20 Hemant Surana +91-8697540123
18 Murtazir Nazar +91-9051061879
13 Nishant Gupta +91-9860779185
19 Saru +91-9830235419
21 Shyam Chaudhry +91-7506226543 +91-9930136801
3 +91-8092084462
5 +91-9980096781
6 +91-8100058258
7 +91-8951174594
9 +977-9845096260
10 +91-9376518122
11 +61-411895943
12 +971-557703213
14 +91-9930761147
15 +91-9167780347
16 +91-9836331256
17 +91-9038082570
18 Babita Agarwal+91-9635276465
Dont REGRET later if you miss this meeting, for which we are taking special efforts.
Please gather tomorrow i.e Sunday 23rd of July 2017 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
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.
This guy is a sweet talker and will promise you refund from QNET if you appoint him as an advocate, he is doing nothing but cheating your further...here is his modus operandi...
He also claims to be behind several actions that have been taken place by mumbai police and FFVA but the FACT remains that he has nothing to do with any of these actions being taken all over India.
He will convince victims to appoint him as an ADVOCATE and thereafter tell victims to deposit Rs 50,000 in various bank accounts to show that he has been apponited.
He will promise that he will return back the money after showing that to QNET office but the FACT remains that after the money is transferred he will stop recieving your calls and vanish .
We have recieved multiple complaints against this FRAUD, please BEWARE you all have already been cheated dont get cheated again.
For your REFUNDS only follow the correct and LEGAL way to get your refunds along with compensation, for more info do drop us a email at [email protected]
FFVA i.e Financial Frauds Victims Association has been formed to help and provide legal aid to victims of QNET SCAM.
http://www.mid-day.com/articles/qnet-forms-financial-fraud-victims-forum-scam-gurupreet-singh-anand/17659179
Please stay away from crooks and fight for your legal rights in correct and proper way.
Regards
Gurupreet
This guy is a sweet talker and will promise you refund from QNET if you appoint him as an advocate, he is doing nothing but cheating your further...here is his modus operandi...
He also claims to be behind several actions that have been taken place by mumbai police and FFVA but the FACT remains that he has nothing to do with any of these actions being taken all over India.
He will convince victims to appoint him as an ADVOCATE and thereafter tell victims to deposit Rs 50,000 in various bank accounts to show that he has been apponited.
He will promise that he will return back the money after showing that to QNET office but the FACT remains that after the money is transferred he will stop recieving your calls and vanish .
We have recieved multiple complaints against this FRAUD, please BEWARE you all have already been cheated dont get cheated again.
For your REFUNDS only follow the correct and LEGAL way to get your refunds along with compensation, for more info do drop us a email at [email protected]
FFVA i.e Financial Frauds Victims Association has been formed to help and provide legal aid to victims of QNET SCAM.
http://www.mid-day.com/articles/qnet-forms-financial-fraud-victims-forum-scam-gurupreet-singh-anand/17659179
Please stay away from crooks and fight for your legal rights in correct and proper way.
Regards
Gurupreet
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 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.
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.
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
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
After receiving the complaint from a group of people, the central crime station is now investigating the scam.
Company officials asked them to pay around Rs 1 lakh as charges for registration, investment and training fee. (Representational image)
Company officials asked them to pay around Rs 1 lakh as charges for registration, investment and training fee. (Representational image)
Hyderabad: A new multi-level marketing scam (MLM) has surfaced in Hyderabad with around a 100 victims losing money in the controversial QNet scheme.
Several people have come out alleging that they have lost lakhs in the dubious scheme and has demanded arrest of the managers, who have fled with crores.
After receiving the complaint from a group of people, the central crime station is now investigating the scam. The Singapore-based QNet Private Ltd had already run into trouble with the law in Bengaluru and Mumbai police due to the same scam.
The victims, mostly fresh graduates and college dropouts, alleged that they were lured by some people claiming to be company officials who offered them a high salary and commission to do ‘e-commerce’ for QNet products.
Company officials asked them to pay around Rs 1 lakh as charges for registration, investment and training fee. However, the QNet officials neither provided them any job nor gave back their money even after a year.
After several complaints poured into S.R. Nagar police station cops found out that a QNet office was operating in Ameerpet, where most of the victims had paid their money. An FIR was registered in S.R. Nagar police station against company officials and later it was transferred to CCS.
“A person named Ramesh Kurmetti and his associates run the firm. He and others had been avoiding us for the last one year whenever we asked our money back,†said P. Vishwa Teja, one of the victims from Ameerpet.
The youngsters came to know about the company through Facebook and by word of mouth. “We were told that we will be getting around Rs 30,000 as salary as we add more customers and agents into the scheme. They asked us to get trained and promised that we would be selling their products like Bio Disc, Bio Light etc. However, nothing of that sort has happened so far,†said another victim M. Avinash.
Many people have paid Rs 2 to Rs 3 lakh while some paid Rs 1 lakh. The company officials had promised their commission would be higher according to the investment they put in.
While it is yet to be calculated how much money has been looted by the company officials victims claim that it would be around Rs 5 to Rs 8 crore.
Meanwhile, the police has not made any arrest so far in the case.
“We had registered a case after taking the complaint. Since it was an economic offence with a lot of money involved the case was transferred to CCS,†said S.R. Nagar inspector Md. Waheeduddin.
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.
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.