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QNet scam: Michael Ferreira appears before Mumbai Police

Former world billiards champion Michael Ferreira today appeared before the Mumbai Police in connection with the alleged Rs 425 crore scam involving multi-level marketing firm QNet following a court directive

Mumbai: Ferreira, who was away in Malaysia, had for weeks avoided appearing before the Economic Offences Wing until a Mumbai court hearing his anticipatory bail application asked him to present himself before the police by today.

Mumbai Police had on January 2 issued a lookout notice against Ferreira after he failed to appear before them despite summons in the second week of December asking him to turn up and explain his association with the company.

The sessions court had on Wednesday last also granted interim protection to Ferreira from arrest till January 31, when his anticipatory bail application will come up for hearing.

QNet scam, Michael Ferreira
Michael Ferreira

Ferreira is a share-holder in the company accused of duping investors by offering to sell magnetic discs, herbal products and holiday schemes allegedly through fraudulent practices. QNet has also been accused of using the banned binary pyramid business model for their multi-level marketing (MLM) schemes to lure investors.

The accused have been charged with cheating and forgery under relevant sections of the Prize, Chits and Money Circulation Schemes (Banning) Act 1978.

Ferreira has denied any wrongdoing and also defended the controversial company. The winner of the World Amateur Billiards Championship has also described as "outrageous, malicious and untruthful" the allegations against him of defrauding people through QNet.

In his anticipatory bail plea, Ferreira has said the complaint did not show commission of any offence by him. While claiming no specific role has been attributed to him, Ferreira said section 420 of IPC (cheating) is not made out against him and he has not deceived the complainant.

He said that any offence under sections of Prize, Chits and Money Circulation Schemes (Banning) Act cannot be made out against him as he did not promote or conduct any prize chit or money circulation scheme. Ferreira also said he did not enroll or participate as a member or receive or remit any money.

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4 Comments

  • Deep Singh27-Jan-2014

    He is a great personality and human being. Till now there is no charges has confirmed how come people can say a single wrong word about him who themselves have no identity in world. Those are all false allegations and I am sure Indian law will come with direct selling legislation soon like other countries have and Qnet is well reputed legislated firm across the world. Only in India it is being compared with Chit fund schemes which is quite embarrassing.

  • John Doe27-Jan-2014

    This gentleman was quite vocal in Media while condemning the Commonwealth Game Scam (Kalmadi Scam). (to say rudely BAHOT SHINING MAR RAHA THA). He perhaps wanted publicity and that too with clean image. Seems he succeeded as people believed him when he promoted QNet. Now let us watch whether this self-righteous person will come before media and how often. Media should also let us know as to why and how he was called on TV Channels during Kalmadi Scam and who recommended his name to it.

  • gurupreet27-Jan-2014

    He continued the earlier charge sheeted scam of questnet by floating a new company called Vihaan in which he owns 80% shares...formed Team Faith to cheat citizens of India. His son, daughter in law and others actively promoted the whole scam in my country..how is he not involved?

  • Believer29-Jan-2014

    Its a scam, people who are taking supports of Qnuts are the agents of the company. Its a scam if it wasn't why Michael Ferreira was running away from the investigation from EOW, why Sachin, Dev, Malcom are absconding, its just they were preparing their base & support from politicians by provinding bribe. I was member of Qnet but I am happy it didn't made any people fool by making them member, as the Qnet agents do. Its not too late to save yourself....

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