QNet News Today : Michael Ferreira finally appears before EOW after Court order. - Direct Selling News Reviews & Updates of Companies

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For weeks, Ferreira had avoided appearing before Mumbai police in the Rs425 crore QNet scam, until the Session Court asked him to present himself before the EOW. Ferreira is also booked by Mumbai police for allegedly forging documents to sell a plot of land at Gorai in Malad.  Former world Billiards  champion Michael Ferreira on Monday appeared before the Economic Offences Wing (EOW) of Mumbai Police following directives from the Court in connection with
the Rs425 crore QNet scam. Mumbai police had also issued a
look notice against Ferreira after he failed to appear before the EOW.

For weeks, Ferreira had avoided appearing before the EOW until a Mumbai court hearing his anticipatory bail application asked him to present himself before the police by 27th January.

Earlier on 2nd January, Mumbai Police 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.

Last week, the Sessions Court while granting interim protection to Ferreira from arrest till 31st January asked him to appear in person before the EOW for probing his role in the multi-crore QNet scam.

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.

So far the EOW has arrested nine team leaders of QNet so far for allegedly duping investors by offering to sell products such as magnetic disks, herbal products and holiday schemes 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.

Earlier this month, Gorai police booked Ferreira for allegedly forging documents forselling a plot belonging to 87-year old Cyril Edmond Henriques. According to a report from Mid-Day, in 1995, Cyril Henriques discovered that someone had started illegal construction on the land. He complained to Brihanmumbai Municipal Council (BMC), and the structures were demolished. Later, Henriques came to know that Ferreira had sold the land, pretending to be its owner. Following his complaint, police started an investigation and found that Ferreira had forged the documents.

"Even on 8 February 2000, during preparing the 'irrevocable power of attorney' Ferreira had shown that his brother Peter Dominic was present, and had signed on the paper. On that day, Peter was in Canada. On the basis of the alleged phony documents, Ferreira sold the plot to Manish Agrawal and Sanjay Agrawal for Rs11 lakh though the land’s market value then has been estimated to be Rs2.43 crore," the newspaper report said. Source- moneylife.in www.mlmnewspaper.com mlmguru.in 

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