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Qnet scam: Former World Billiards Champion Michael Ferreira arrested

News Agencies | Updated on: 19 October 2016, 11:30 IST

Hyderabad police took former World Billiards Champion and Padma Bhushan awardee Michael Ferreira along with three others in their custody in connection with an FIR registered against them in a multi-crore rupee Qnet scam.

After Ferreira's anticipatory bail was rejected by the Supreme Court, who was booked by the Economic Offences Wing, surrendered in a special Maharashtra Protection of Interests of Depositors Act court on 1 October.

He was first remanded to EOW custody till 13 October and then to judicial custody, after which the Hyderabad police sought his transit remand.

Earlier, a Honk Kong based company had started its business in India with its headquarters in Bangalore.

It operated in India under the 'Vihaan Direct marketing selling company' which sold products like magnetic disks, herbal products and holiday schemes.

An FIR in connection with the alleged Qnet scam was registered in April 2013 after Gurupreet Singh Anand, a member who did not get the promised returns, lodged complaint.

Ferreira and his other associates were directors of Vihaan Direct Selling India (Pvt) Ltd, which was running and operating the illegal money circulation scheme under the name and style of Qnet -previously known as Questnet in India.

Nearly 5 lakh investors from across the country allegedly cheated in the scam.


First published: 19 October 2016, 11:30 IST