Police to question billiards legend Michael Ferreira in QNet scam case
Former Billiards champion and Padma Bhushan recipient Michael Ferreira gets Economic Offence Wing (EOW) notice in Rs 425 crore QNet scam case.
Former world billiards champion Michael Ferreira has been summoned in connection with the Rs 425-crore scam allegedly committed by multi-level marketing firm QNet, a police officer said in Mumbai.
"Michael Ferreira has been summoned before us to record his statement in connection with a case related to the QNet scam," the police officer at Economic Offence Wing (EOW) said.
The police will question Ferreira about his association with the scam-hit company and his role. Police suspect that Ferreira to be a stakeholder in Qnet, which has allegedly duped over 90,000 people in India.
QNet operates in India through its official franchisee Vihaan Direct Selling Pvt Ltd, which carries the company's brand name in the country. Ferreira reportedly owns 80% stake in Vihaan Direct Selling.
The EOW has arrested nine team leaders of the QNet for allegedly duping investors by selling products like magnetic disks, herbal products and holiday schemes through fraudulent practices.
The EOW has already registered a case against directors and officers of Vihaan Direct Selling (India) Pvt Ltd, QNet, Transview Enterprises and Vanmala Hotels & Tourism Services.
QNet has also been accused of using the banned binary-pyramid business model for their multi-level marketing (MLM) schemes to entice investors. The accused have been charged with cheating and forgery under relevant sections of the Prize, Chits and Money Circulation Schemes (Banning) Act, 1978.