QNet: Michael Ferreira, Magaral Balaji and Malcolm Desai surrender before special court
Moneylife Digital Team 01 October 2016
Following orders from the Bombay High Court, former world champion of billiards Michael Ferreira, and two others on Friday surrendered before a Special Court in the multi-crore QNet scam. On Tuesday, the HC had asked five prime accused to as per the directions passed by the Supreme Court in the QNet scam case. 
 
Ferreira along with Magaral Veervalli Balaji, director of Vihaan Direct Selling (India) Pvt Ltd and Malcolm Nozer Desai, who is a 20% stakeholder in Vihaan, surrendered before the Special Court and were remanded to custody of Economic Offences Wing (EOW) of Mumbai Police. Ferreira owns 80% stake in Vihaan, which is franchisee of QNet. 
 
Other prime accused include, Srinivas Rao Vanka, director of Vihaan and Suresh Thimiri, director of Transview Enterprises India Pvt Ltd. All the prime accused had approached the Bombay HC seeking to quash the first information report (FIR) filed by Gurupreet Singh Anand as well as a stay on coercive action against them by the authorities. 
 
 A division bench headed by Justice Abhay Oka, while refusing to grant any relief, asked the five to surrender before authorities as per directions from the apex court. 
 
Last week, the Supreme Court, while accepting Maharashtra's standing council Nishant Khatneshwarkar's argument that the accused have failed to join the investigation and the charges are serious, had directed the five to surrender within a week.
 
Earlier in May, the Bombay High Court had also rejected bail plea of these five associates of QNet. While rejecting anticipatory bail applications of five accused the HC had observed that "the deceit and fraud is camouflaged under the name of e-marketing and business". This scheme is undoubtedly a multi-level marketing (MLM) activity and a pyramid structure of such scheme is prepared so that the members are promised to get money on purchase and sale of products, the Court had said.
 
Gurupreet Singh Anand, a computer consultant from Lokhandawala, Andheri in his first information report (FIR) stated that his wife was duped for Rs30,000 by some people who had introduced themselves as the independent representatives (IRs) of QNet.
 
Comments
akhil renjith
6 years ago
Will this get banned like there old name gold quest and quest net ...
PRITHVI RAJA
6 years ago
Any comment alert me
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