Qnet Legal Case

Qnet Legal Case

There have been several cases registered against QNet, starting with the first one filed by the Economic Offences Wing (EOW) of the Mumbai Police following a complaint filed by a Gurpreet Anand. Anand claimed in its complaint that QNET and its franchisee Vihaan Direct Marketinging, run by pool legend and padmashree Michael Ferreira and members of his family, defrauded people on behalf of QNET. He claimed that QNET agents sold various products such as biodiscs, watches and pendants, which they said could cure cancer and other brain conditions. Anand`s wife was approached by a QNET agent who told her that the biodisks they sold for 35,000 rupees could alter the molecular structure of the water, helping to cure serious diseases such as cancer and other brain diseases. He claimed that the agents had led her to buy the product, and when they refused, she began to pressure her. He also stated that several vacation package offers and others were available if more customers were attracted to QNET. Based on the complaint, EOW Mumbai registered an FIR and arrested several officers as well as Ferreira when his request for early bail was rejected by the Supreme Court last year. The ongoing arrest process in 19 cases would have continued if the suspension had been lifted by order of the Supreme Court. The state government pointed out that 22 cases against the company had been registered on the basis of complaints filed by the public, and that the government had appointed a competent authority under the KPIDFE Act to investigate complaints from those affected by the company`s transactions. By Divyesh Singh: The Supreme Court has rejected the request for a stay of subsequent proceedings against the QNET marketing fraud case filed by the Maharashtra government in March this year. A ministerial bench consisting of Chief Justice Ritu Raj Awasthi and Justice Suraj Govindaraj issued the injunction while listening to the company`s motion questioning the legality of invoking the provisions of the KPIDFE Act and challenging some of its provisions. In a statement to the media, QNET described ED`s money laundering investigation as “absurd and totally unsubstantiated allegations.” “QNET adheres to strict principles of legal business, transparency and corporate governance.

All documents relating to the operations of the Indian franchisee Vihaan Direct Selling and its financial transactions have been made available to EOW investigators. QNET affirms that it fully complies with the rules and regulations of business operations under Indian law,” the MLM said in a statement from its public relations agency, which does not have the name of the company`s official or spokesman. The dismissal of the prosecution also facilitates various officials and agents accused in cases against QNET who would have been detained had the stay been lifted by the Apex court. Meanwhile, Senior Counsel Kamini Jaiswal, who represented the applicant company, pointed out to the Chamber that in 2017, the Supreme Court stayed all further proceedings against the company in several criminal cases previously filed in Maharashtra, West Bengal, Delhi, Karnataka and Telangana. Various other states such as Karnataka, Andhra Pradesh, Tamil Nadu and Delhi have also registered lawsuits against QNET and its Vihaan Direct Selling Ltd. franchise. The cases registered against the officials of QNET and Vihaan concerned fraud, fraud and various articles of the Information Technology Act. The Mumbai EOW had also sealed various bank accounts containing more than Rs 200 crore, as well as several properties owned by the company.

The FIR also included the names of QNET`s officials at its headquarters in Malaysia and Hong Kong. The Mumbai EOW suspected that the fraud committed by QNET and its subsidiaries in India could not be worth more than Rs 1,000 crore. Following the investigation conducted by the Mumbai Police EOW, QNET, its founder and staff will now face ED detectives in the Rs 425 crore MLM scam The Directorate of Law Enforcement (ED), India`s economic law enforcement and white-collar crime authority, registered a case of QNET fraud of Rs 425 crore for money laundering. See also | Relief for multi-level marketing company Qnet as Kanataka HC cancels FIR against senior executive However, the court ordered the company to cooperate with authorities in the investigation, which was launched based on complaints from people who claimed the company had tricked them into depositing money. OTHER STATES THAT HAVE REGISTERED CASES AGAINST QNet The first relief was granted to QNet when the Karnataka Supreme Court quashed an FIR against senior QNET official, Naresh Subramaniam, in February this year. QNET and its sub-franchisee Vihaan Direct Selling Ltd were granted additional relief when the Supreme Court failed to intervene in the suspension issued in early March. Another interesting aspect throughout the episode is that all the senior (?) QNET India officials don`t want to reveal their identities and stay hidden. Moneylife has repeatedly sent emails to the company`s official PR agencies as well as some officials of parent company QI Group, but there is no information. Pathbreakers 1 & Pathbreakers 2 contain in-depth information, unknown facts, and fascinating events in the lives of 51 of the top performers, in their own words. The Mumbai Police`s Economic Offences Wing (EOW), which is also investigating MLM fraud, had so far arrested nine QNET team leaders for allegedly defrauding investors by offering to sell products such as magnetic disks, herbal products and holiday programs through fraudulent practices.

The defendants were charged with fraud and counterfeiting under the relevant sections of the Prices, Chits and Money Circulation Systems (Prohibition) Act 1978. According to sources, the ED has appointed Hong Kong-based multi-level marketing (MLM) company QNet Ltd, its official franchisee Vihaan Direct Selling Pvt Ltd, Vijay Eswaran, the founder of QI Group, and three other independent representatives (IRs) of Mumbai-based QNET. A panel of judges Nariman and Kaul heard the case briefly and noted that the suspension granted the previous time did not require interference. The court then rejected Maharashtra`s application for a residence permit. Highly independent and user-friendly personal finance information. Insider Story of the Incredible Success of the National Stock Exchange that Led to Pride, Regulatory Co-Optation and Algo Fraud Exceptional research that beats investment funds year after year For weeks, former billiards champion Ferreira avoided appearing before EOW until a Mumbai court, hearing his application for early bail, ordered him to surrender to the police by 27 January. On 31 January, the District Court extended Ferreira`s pre-trial detention protection in the QNet fraud until 17 February. However, he was asked to visit EOW`s offices if necessary and obtain prior court approval before going abroad. The Supreme Court rejected Maharashtra`s application for a residence permit. Highly independent and user-friendly personal finance information. Full access to Moneylife archives from the beginning (until the date of your subscription) In addition, the arrangement gives relief, as there will be no more FIRs regarding QNet.

If the court had lifted the stay, many more FIRs would likely have appeared in different parts of the country where QNET did business. The company`s operations will no longer suffer. The decision to reject the stay leave application, previously approved by the Apex court, leaves a window of hope open for QNET and its subsidiaries in the country. On March 27 this year, the Supreme Court ordered the suspension of all FIRs and proceedings against QNET`s activities in India. 1 year of online access to journal articles published during the subscription period. Access is available for all articles published during the week (starting Monday) in which your subscription begins. For example, if you subscribe on Wednesday, you will have access to downloaded articles starting on Monday of that week.