Ferreira held for QNet scam
Billiards champ is QNet franchisee head
Former world billiards champion Michael Ferreira and three others accused in the multi-level marketing company QNet scam were arrested by the Central Crime Station police on Wednesday.
The suspects, who had earlier surrendered before the police in Mumbai, were brought to Hyderabad on a transit warrant.
CCS police had submitted a petition seeking their custody to investigate the case registered in Hyderabad.
Fereirra is a director of Vihaan Direct Selling Pvt Ltd, the master franchise of QNet in India.
Former world billiards champion and Padma Bhushan awardee Michael Ferreira and three others involved in the multi-level-marketing company QNet scam have been arrested by the Central Crime Station police. The suspects, who had earlier surrendered before the police in Mumbai, were brought to Hyderabad on transit warrant.
The CCS police had submitted a petition seeking their custody to investigate the case registered in Hyderabad. Around a 100 youths from Telangana were cheated by the QNet scam last year.
Michael Fereirra, is a director of Vihaan Direct Selling Pvt. Ltd, the master franchisee of QNet in India.
Central Crime Station DCP Avinash Mohanty said that on October 13, 2015, one of the complainants Suman Ghosh, an assistant manager at a private bank here, filed a complaint saying that he had paid `16 lakh to Vihaan Direct Selling India Pvt Ltd, as they had promised a partnership in QNet schemes. But, he said they did not give him any business even weeks after collecting the amount.
“Police booked a case under Sections 406 and 420 and the Prize, Chits and Money Circulation Schemes (Banning) Act against the management of Vihaan Direct Selling India,” Mr Avinash Mohanty said.
“We received information from the Mumbai police that the four suspects, including Michael Ferreira, were arrested and remanded to judicial custody. We then filed an application at a court in Mumbai seeking their custody in connection with the case registered by us,” he added.
Top QNet officials and their franchisees get 40 per cent commission for every investment and product sold, experts said. Police said around 175 people lost several lakhs in the scam in just an year.
QNet agents tried to sell personal care products like 'Healing Bio-Discs'
Without verification the agents claimed the products make people energetic
Most of the products are costly, starting from `10,000
The youths were promised huge profits