Billiards champion Micheal Ferreira arrested for running money circulation QNET scam
NewDelhi,Nov14Former World Billiards Champion Michael Joseph Ferreira and three others have been arrested by the Delhi Police for allegedly running a money circulation scheme that duped people of lakhs.
The Delhi Police’s Economic Offences Wing arrested the four accused after an FIR was registered on a complaint alleging that a company — Vihaan Direct Selling India Ltd, which is the Indian franchise of Hong Kong-based QNET — was involved in money circulation schemes that were trapping people on the pretext of starting an e-commerce business and later forcing them to bring in more members.
The other accused have been identified as Malcolm Nozer Desai, Srinivas Rao Vanka and Magaral Balaji. While Desai, like Ferreira is a stakeholder in Vihaan Direct Selling India Ltd., while the other two hold positions as directors.
About the modus operandi, a senior police officer said that the person convinced a victim to invest anywhere between Rs. 50,000 to Rs. 10 lakh. They would then organise meetings, after which the victim was explained a chain system and trapped into making more members based on which a commission is assured to him.
“In this process, complainants lost anywhere between Rs. 1 lakh and Rs. 10 lakh as the returns never came,” said the officer.
He added that to create alibi for their illegal transactions, the accused showed vacation packages being purchased against the money given. “Once the victim was trapped, he/she had to cheat others the same way to recover the money through commission, or forget the money,” said the officer.
According to the police, more than 16 bank accounts of Vihaan Direct Selling India Ltd. have been frozen so far, with a total amount of Rs. 7 crore in the bank.