Qnet Scam

Former world billiards champion Michael Ferreira and three others blamed for a situation for Rs 400-crore affirmed extortion including the multi-level-promoting organization QNet have been arrested by Hyderabad Police and brought here from Mumbai 

"The four chiefs of the organization, including Michael Ferreira, have been conveyed to Hyderabad from Mumbai on warrant," a senior police official appended to Central Crime Station (CCS), a wing of Hyderabad Police, said today. 

They have been brought here as a feature of further examination and will be investigated, he said. 

 A Hyderabad Police group had a week ago presented an application looking for their care regarding the case enlisted by them. 

A Mumbai court then allowed transits remand and the Hyderabad Police arrested them. 

The Mumbai Police's Economic Offenses Wing (EOW) had arrested them on September 30 this year regarding the QNet case. 

The EOW has so far captured 19 people for the situation. 

QNet and its franchisee firms professedly sold items, for example, magnetic disks with "healing" properties, herbal medicines and holiday plans. The organization is blamed for utilizing the banned 'binary pyramid' display in its advertising plans, aside from tricking the financial specialists. 

The FIR was enlisted in Mumbai in August 2013 under the Prize, Chits and Money Circulation Schemes (Banning) Act, 1978 and Maharashtra Protection of Interest of Depositors Act. 

Special public prosecutor Pradeep Gharat had before told the court in Mumbai that Ferreira held 80% shares of Hong Kong-based QNet. 

QNet ran a 'Ponzi conspire', looking for speculations between Rs 30,000 to Rs 7.5 lakh, the prosecutor had said, including the speculators never got the exceptional yields they were guaranteed. 

The cash earned by QNet was "laundered" and redirected out of the nation, Gharat had told the court, including that Ferreira's cross examination was necessary to find its destination.