Former world billiards champion Ferreira arrested by Hyderabad police in QNet fraud
The Hyderabad police has arrested former world billiards champion and Padma Bhushan recipient Michael Ferreira and three others in connection with a case of Rs 400- crore fraud involving the multi-level marketing company QNet.
Police brought Ferreira, Magaral Balaji, Srinivas Vanka and Malcolm Desai to Hyderabad on a Prisoner Transit (PT) warrant from Mumbai on Tuesday night, reported Times of India.
Earlier this month, a court had given Economic Offences Wing of Mumbai police the custody of Ferreira till October 13. Co-accused Srinivas Rao Vanka and Magaral Veervalli Balaji, both directors of Vihaan Direct Selling Pvt Ltd, and Malcolm Nozer Desai too had surrendered and were remanded to EOW custody till October 13.
QNet and its franchisee firms allegedly sold products such as magnetic disks with
healing' properties, herbal medicines and holiday schemes. QNet is accused of using the bannedbinary pyramid’ model in its marketing schemes, apart from duping the investors.
The FIR was registered in August 2013 under the Prize, Chits and Money Circulation Schemes (Banning) Act, 1978 and Maharashtra Protection Of Interest Of Depositors Act.
EOW has so far arrested 17 people. The bank accounts of QNet, its representatives and associates have been frozen, with assets worth Rs 110 crore.