Saturday, April 12, 2014

Another untouchable one in public shame worldwide

Megat Najmuddin - Chairman of QNet Malaysia (Quest International)

Mumbai Police have issued lookout notice against 10 people including QNet founder Vijay Eswaran and former billiards champion Michael Ferreira in the Rs425 crore QNet scam case

The economic offences wing (EOW) of Mumbai police has issued lookout notices against 10 people including Michael Ferreira, former World Billiards Champion and Padma Bhushan awardee, after he failed to turn up for questioning in the QNet scam case. Other people against whom the lookout notice has been issued include QNet founder Vijay Eswaran, its vice president Dev Wadhwani and Sachin Gupta.
QNet, Michael Ferreira, Vijay Eswaran, Dato Vijay EswaranVijay Eswaran with Michael Ferreira (circled) at one of the promotional events of QNet
According to sources, EOW has also issued notices against six other officials and leaders of QNet. However, their names were not revealed by the sources.

Ferreira was summoned by the EOW in connection with the Rs425-crore scam allegedly committed by multi-level marketing (MLM) operator QNet. The former world champion is founder of Faith, which was started as a distributor network under the QI brand.

Last month, while speaking with news channels, Ferreira, who has gone abroad some time back, had said he would appear before the investigators as soon as he returns to India. He even defended the controversial company.

The Padma Bhushan awardee had told the channels that "three to four days ago, the summons was received at my home (in Mumbai) in my absence. I am abroad now. The summons was handled by my lawyer and I understand he is co-operating fully."

Responding a query, he had said "of course, I shall make myself available (before the Economic Offences Wing of the Mumbai police). I have the highest regard and respect for the police. As soon as I am cleared to travel, I will appear before the EOW. I am undergoing a lot of stress at the moment."

However, former World Billiards Champion did not turn up before the EOW, which resulted in police issuing a look out notice against him.

Others against whom the EOW has issued lookout notices, include Dev Nanik Wadhwani. He is founder of team Infinity, the most aggressive team of QNet's independent representatives (IRs) at present in India. Sachin Gupta is one of the so-called 'top leaders' of QNet from Mumbai and according to sources may have fled to Dubai.

QNet operates in India through its official franchisee Vihaan Direct Selling Pvt Ltd, which carries the company's brand name in the country. Ferreira owns 80% stake in Vihaan Direct Selling with Malcolm N Desai holding the rest. Desai had already approached the Sessions Court in Mumbai for an anticipatory bail fearing that the EOW may arrest him soon.

According to Faith Egypt , Michael Ferreira is the founder of 'Team Faith' that is involved in hard selling QNet scheme. Talking about Ferreira, it says, "As an individual, in a very short space of time he (Ferreira) was in the list of the top 30 earners and under his astute stewardship he provided the platform, environment, guidance, training and inspiration to his flock, many of whom are earning incomes beyond their wildest dreams."

Showing a clear link between, Ferreira, QNet and its founder Vijay Eswaran (one of the accused in the cases against the MLM operator), the portal says, "The core leadership of Faith is today in a position to concentrate more sharply on those who still remain vulnerable to the “slings and arrows of outrageous fortune” so that each one of them develops into lead birds of their own teams, all fiercely loyal to Faith, its philosophy and its ideals and to the values espoused by its visionary and mentor Dato Vijay Eswaran."

Faith Egypt, also reveals names of other people, like Mark Ferreira, Malanie Sequeira, Lata Hegde and Manjunath Hegde, all of whom are associated with QNet. In August 2013, the EOW had arrested Bandra-based Manjunath Hedge for cheating in the QNet case. The EOW searched his house and seized computer hard disc and several incriminating documents, including some payment/ commission receipts.

As reported by Moneylife, QuestNet and GoldQuest, the MLM companies that had shut shop in 2009 following police action are back with a bigger bang. They now call themselves as QNet and are thriving in an environment where tens of thousands of Ponzis and MLM companies are able to lure people into believing that they have the formula to instant riches and a high growth career.

No comments:

Biggest heist in the world

With such promising career how not to tumble down like a rolling stone.