The Cyberabad City Police on Tuesday came down heavily on a racket purportedly run by multi-level marketing company QNet, arresting 57 people involved in 14 cases of fraud and swindling of money worth thousands of crores.
According to reports, QNet was accused of running one of the biggest Ponzi scams in India, cheating at least three lakh people.
VC Sajjanar, Commissioner of Police, Cyberabad told reporters here: "This is a case of cheating by Vihaan Direct Selling Pvt Ltd., a sub-franchise of QI group in India marketing under the brand name of QNet."
"There are a total of 30 cases registered on QNet in Cyberabad. There are eight cases which are under investigation with CID," said Sajjanar.
"QNet is a Hong Kong-based multi-level marketing company owned by the QI group. The company invoked many Ponzi schemes and binary schemes, vacation packages and business tactics which were illegal," he further said.
QNet is the main subsidiary of QI group of companies founded by Vijay Eshwaran and Joseph Bismark in Hong Kong in 1998. The company's CEO Micheal Ferreira and Malcolm Desai are the shareholders of Vihaan Direct Selling Pvt Ltd. Now, the company has opened its branches all across the world.
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