Mumbai crime: 3 held for selling banned QNet schemes
The arrested trio had been working as independent representatives for the Hong Kong-based company in return for hefty commissions
The Economic Offence Wing officials of Mumbai police yesterday arrested three people from a Thane hotel, where they were holding a seminar to allegedly propagate banned QNet schemes.
Monish Bhandarkar, Suvija Pai and Haresh Bhadra
With these arrests, the number of people held in this multi-crore scam from 2013, has now reached 22. The three accused, who belong to the age group of 31-37 years, were independent representatives associated with the Hong Kong-based company.
Identified as Haresh Bhadra, Suvija Pai and Monish Bhandarkar, the trio was arrested from the seminar, which was attended by around 40 people. “We raided the seminar following reliable information and found them propagating ponzi schemes,” said deputy commissioner of police (EOW) Pravin Padwal, adding that preliminary probe revealed that they had conducted similar seminars in recent past, as they were getting high commissions.
Badara, a resident of Ghatkopar and Mandarkar, a resident of Thane, were promised R20 lakh commission and Pai, also a resident of Thane, had got R10 lakh for propagating ponzi schemes.
The three have been booked under relevant sections of Maharashtra Protection of Interest of Depositors In Financial Establishments (MPID) Act, Prize, Chits and Money Circulation Schemes (Banning) Act and Indian Penal Code. They would be produced in the court today.
About the scam
A controversial Hong Kong-based multi-level marketing company, QNet has been accused of cheating investors across the globe by using the banned binary pyramid business model. Six of QNet’s bank accounts in India were frozen, after the first arrest. Ex-billiards champion Michael Ferreira is also one of the accused.