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Qnet scam: Padma Bhushan awardee Michael Ferreira arrested

ANI  |  Hyderabad (Telangana) [India] 

police took former World Billiards Champion and awardee Michael Ferreira along with three others in their custody in connection with an FIR registered against them in a multi-crore rupee Qnet scam multi-level marketing (MLM) case.

After Ferreira's anticipatory bail was rejected by the Supreme Court, who was booked by the Economic Offences Wing, surrendered in a special Protection of Interests of Depositors Act on October 1.

He was first remanded to EOW custody till October 13 and then to judicial custody, after which the police sought his transit remand.

Earlier, a Honk Kong based company had started its business in with its headquarters in

It operated in under the 'Vihaan Direct marketing selling company' which sold products like magnetic disks, herbal products and holiday schemes.

An FIR in connection with the alleged Qnet scam was registered in April 2013 after Gurupreet Singh Anand, a member who did not get the promised returns, lodged complaint.

Ferreira and his other associates were directors of Vihaan Direct Selling (Pvt) Ltd, which was running and operating the illegal money circulation scheme under the name and style of QNET -previously known as Questnet in India.

Nearly 5 lakh investors from across the country were allegedly cheated in this scam. (ANI)

QNET has been accused of using the banned binary pyramid business model for their multi-level marketing (MLM) schemes to lure investors.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 19 2016. 10:39 IST