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EoW from Mumbai registered an FIR against QNet, the MLM visitor, for allegedly duping thousands by selling them plastic and glass products as miraculous objects

QNet, the controversial Hong Kong-based multi-level marketing (MLM) operator with multiple names (GoldQuest, QuestNet, QNet, QI Ltd and QI grouping are the better-known names) has finally come up under the radar of Mumbai police.

According to a study in Times of India, the economical offenses wing (EoW) of Mumbai police has registered against QNet, for allegedly duping thousands of investors by selling them plastic and glass products terming them miraculous objects for treating astringent diseases similar Cancer.

"The firm (QNet) posed as a marketing firm which would sell bio-disc, watches, chiPendants, gold coins, herbal products, e-education packages and vacation packages. They even claimed that past using the bio disc 1 can cure cancer and brain related diseases," the report said quoting a police force officer.

UPDATE: According to a written report from Times of India, the EoW has arrested Bandra-based Manjunath Hegde for cheating in the QNet example. He was reminded to constabulary custody till 22nd Baronial. "Hegde, who is an advertiser by profession, was arrested from his Bandra residence. We searched his house and seized figurer hard disc and several incriminating documents, which will be produced in the court. At that place are some payment/committee receipts among the documents," the study said quoting an investigator.

The complainant, Gurupreet Singh Anand, 40, a computer consultant from Lokhandawala, Andheri stated that his married woman was duped for Rs30,000 by some people who had introduced themselves as the contained representatives (IRs) of QNet. Anand told the police, "They (IRs) had said that one of the bio-products my wife bought could be used to care for my 12-year-old son's brain related diseases".

The commencement information report (FIR) names five accused, including QNet'south Hong Kong-based founder Dato Vijay Eswaran, a Malaysian by birth and an Indian by ethnicity, who is photographed hobnobbing with the Prince of Saudi Arabia, in society to enhance its credibility in the Gulf.

(Vijay Eswaran (circled), the founder of QNet along with Dev Wadhwani (in blue shirt), VP of QNet Source: facebook.com/QNETIndiaOfficial)

"One of the wanted accused Vijay Eswaran, had earlier floated 2 firms; Gilt Quest and Quest Net Enterprises, in India and duped thousands of people. These two firms were also popular in Egypt, Afghanistan and Malaysia. Nosotros are trying to zero in on Eswaran and will shortly abort him," the newspaper said quoting the officer.

While QuestNet and GoldQuest, which mainly sold numismatic gold coins (they claimed they were express edition coins that whose value would increase over time) in 2009 were forced to shut shop in India, their new avatar QNet offers a broader range of lifestyle 'enhancing' products (holiday packages, diamond watches, bio-discs, Chi-Pendants and herbal products for annihilation between Rs30,000 to Rs7 lakh), which promise fabulously loftier returns so long as new distributors are enrolled rapidly. Its production brochure says, "With 8 means to earn and up to 50% of the sales paid out in commissions, QNET offers the about dynamic and innovative compensation plan in the direct selling profession."

(Suresh Thimiri, Doc & CEO, QNet India (circled) with Indian Tennis stars at the Davis Cup Source: facebook.com/QNETIndiaOfficial)

The last fourth dimension around, QNet was being evangelised past onetime World Billiards champion Michael Ferriera, too as some former international cricketers. QNet fifty-fifty sponsored the Indian tennis team for Davis Cup. This fourth dimension, it is being hard-sold by senior corporate executives, including heads of multinational companies, who have been forced to quit in the 40s and 50s, having fallen off the career ladder. Moneylife has received emails from several worried readers asking united states to bring the "QNet scam" to the attending of regulators before information technology dupes their friends and relatives already ensnared by the hard sell.

(Muttiah Muralitharan, the greatest Test friction match bowler from Sri Lanka at QNet outcome. During 2005, the GoldQuest scheme spread beyond Sri Lanka, marketing gilded coins for double their worth. This forced the land to frame new law to ban MLMs, especially GoldQuest. Image Source: facebook.com/QNETIndiaOfficial )

Manoj Arora (name inverse), a chartered auditor and management consultant tells united states how he decided to string along a QNet 'operative' to understand its modus operandi which promises to make y'all a millionaire in two or 3 years.

He was scandalized at what he discovered and says, "QNet is just non almost Amway-esque MLM only a Stockguru-type pyramid scheme. The premise is to go more and more people to invest Rs1 lakh to Rs6 lakh in an 'e-commerce' venture. They make you owners of QI grouping by selling three shares for every Rs1 lakh. How does that generate returns? The victims who are enrolled into the scheme, in plough chase for newer victims to purchase into the Ponzi. They are entitled to go 14% of share capital they or their victims raise. The scam is proliferating through social media like Linked-in to notice newer targets. This reader had stored names and screenshots of people canvassing QNet from their profiles on Linked-in.

Well, the visitor had a chequered past. In 2008-09 information technology was making waves similar it is today. At that time, it flaunted powerful political connections (at that time a GoldQuest executive, Thousand Preetha had said that Nalini Chidambaram was a legal counselor. This was after nosotros pointed out that the connexion was highlighted at its meetings to recruit/ensnare new agents). However, QuestNet most folded-upward afterward the Chennai police arrested several employees and the business was in consummate disarray.

QNet claims that a Diamond Star can earn up to Rs27,73,800 (Rs27.7 lakh) per calendar week while the same for a Platinum Star would be Rs22,39,050 (Rs22.4 lakh) a week. The coin earned by a Diamond Star in QNet is almost the same that Mukesh Ambani of Reliance Industries (RIL), India's richest man equally per the Forbes list, earns every week as salary (Mukesh Ambani forgoes Rs23.82 crore from his pay package ). We all have heard well-nigh Mr Ambani and his wealth. However, nobody knows how many Diamond or Platinum Stars are there in QNet's MLM network. If y'all know, please share information technology.

There are several people who are now enervating their money back from QNet. Few of them even posted such messages on QNet India's page on Facebook. On 20th May, Suryakant Kaushik, posted: "Even afterward a month of filing for the cancellation, I am still waiting for the refund. Adding to this, I have dialled the customer care numbers-+91 99 0006 3901 & +91 96 8668 9974.10-fifteen times a day only nobody responded. I am very frustrated by the way my case is handled. Never idea that the refund procedure could take more than than a month and still aught can exist said about the status."

CA Abhishek Sahay wrote this message: "hi Primary Pathman...on 1st AUG 2013 I bought QVI Club membership from QNET for Rs2.61 Lakh and on 2d August, I requested to cancel it and refund total amount, QNET official assured initially to refund full amount but now they are not responding my call or email. I request you to delight look into the affair and become my full refund as soon as possible. My IRship is IN*****ix and email is a******[email protected]; Please practice not let me feel cheated by your Company QNET. Please practice not bank check my calmness. Refund my money ASAP."

Bala Kavassery posted this bulletin: "I have been requesting since concluding 5 days with QNet support team India for cancellation of my IR IN*****iv and refund of vacation parcel ordered earlier. No support or response forthcoming till date. Once again request for my IR cancellation and refund of vacation package amount."

As Moneylife wrote earlier, Ashu Dutt, a well-known television journalist shared how he and his family became a victim of QNet. He said, "QI/ QNet/ QuestNet/ GoldQuest/ Faith Network is not just a fraud, simply they lure women to pause away from their families and so go afterwards the family unit coin. My own married woman fell into this trap. Once this was done, they got her to put money from our firm and relatives. Once they trap the women, they go after their wealth. My wife has now gone on to take over our assets by changing directors and doing all kinds of illegal corporate stuff guided past QI kingpins. This is my story. I can tell you that there are hundreds of Indian families that have been ruined past these people. In Mumbai, they use hypnotism and cult-like practices (wearing white apparel with blueish pendants)."

In India, QNet's MLM operations were controlled past QuestNet Enterprises (Republic of india) Pvt Ltd, a company registered at Chennai till xiii April 2012. From side by side twenty-four hours, it shifted all its registered agents, database and business to Vihaan Direct Selling Pvt Ltd, company registered in Bengaluru.

Moneylife has done extensive work on all MLMs and come to the determination that all of them fall foul of the Prize Chits and Coin Circulation Schemes (Banning) Act, 1978.  We have also made representations to the Prime Government minister'south office to ban MLMs altogether or allow them to operate nether a clear regulatory framework under a designated regulator.

Today, while tens of thousands MLMs and Ponzis are adulterous people no ministry or regulator is in charge. The ministry building of corporate affairs (MCA) does not even crave these companies to be incorporated in Bharat. This ludicrous situation persists at a time when there is such heated debate about legitimate foreign direct investment in retail and insurance.

You may also desire to read...

QNet, the MLM has resurfaced in India; will people be duped again?

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QNet: The "coin game" played by MLMs to lure the gullible

Forbes magazine's strange activism on behalf of the shady MLM QNet

MMM India, QNet 'cult' growing. Why government is dragging its feet in tackling this MLM menace?

Are The Inputs A Firm Uses Toã¢â‚¬â€¹ Produce, Sell,ã¢â‚¬â€¹ Distribute, And Service A Product Or Service,

Source: https://www.moneylife.in/article/qnet-mumbai-police-register-fraud-case-against-the-mlm/34105/44909.html

Posted by: poteatprody2002.blogspot.com

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