Wednesday, 4 December 2013

QNET garnered Rs. 435 crore in MLM scam, Rs. 110 cr in bank accounts frozen:EOW

MUMBAI: The city economic offences wing (EOW) said multi-level marketing firm QNet had collected over Rs 425 crore from its investors. QNet is accused of using the banned binary-pyramid business model for their multi-level marketing scheme to entice investors. The bank accounts of the firm, its independent representatives 
and associates have been frozen. There is reportedly a total of Rs 110 crore in these accounts.
An EOW source said the company continued its schemes in the name of Quest Net by floating a firm, Vanmala Hotel Travel and Tourism Services Pvt Ltd, even after cases were registered against it in Chennai, Andhra Pradesh, Maharashtra and Karnataka.
"In April 2012, QNet Ltd formed Trans View Enterprises and Vihaan Direct Selling Pvt Ltd and continued their schemes. Through its website, qnetindia.in, the firm gathered its employees who had worked for it a decade ago. From April last year to August this year, the firm collected over Rs 425 crore from 90,000 people," said an officer. "We are speeding up the investigation and more arrests are likely soon," said Rajvardhan Sinha, additional commissioner, EOW.
The company lured investors with various schemes with an investment between Rs 30,000 and Rs seven lakh. "The firm posed as a marketing firm which would sell bio-disc, watches, chiPendants, gold coins, herbal products, E-education packages, holiday packages etc. They even claimed that by using the bio-disc one can cure cancer and brain related diseases," said an officer.
"Some money has been transferred to Malayasia, Singapore and Hong Kong too. The exact figure is not known. We are probing the money trail." So far nine persons, including two women, have been held for cheating, forgery and under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. The accused received 
commission ranging from Rs 40 lakh to Rs 2.5 crore in the binary pyramid scheme, which is banned in India, said the police. "There are more than two dozen cheating FIRs filed against the company. In Mumbai, an Andheri resident Gurpreet Anand lodged an FIR and named Vijay Eswaran, director of Vihaan Direct Selling (India) 
Private Limited, as the main accused," said an officer.

3 comments:

David Brear said...

Shyam - The laughable thing in all of this, is that what the racketeers behind the fake direct selling company known as 'QNet' have steadfastly pretended to have been doing, and what they have actually been doing, are completely different: yet, even now, many journalists continue to describe the clandestine criminal activities of numerous other 'MLM income opportunity' racketeers, using these racketeers' own reality-inverting 'business' vocabulary.

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