Q-Net Fraud: Former Billiard Champion Michael Ferreira Arrested
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Q-Net Fraud: Former Billiard Champion Michael Ferreira And Three Others Arrested

Michael Ferreira

Padma Bhushan awardee and former Billiards Champion Michael Ferreira was arrested in connection with a case of 400 crore Q-Net scam. Hyderabad police arrested other three with Ferreira on Tuesday.

Police arrested and brought Michael Ferreira, Srinivas Vanka, Magaral Balaji and Malcolm Desaito Hyderabad on a Prisoner Transit (PT) warrant from Mumbai.

Two weeks before the arrest, Ferreira surrendered before a Mumbai court but he did not cooperate with the police. The Supreme Court refused any bail to the four accused.

On 1st October Ferreira was booked by Economic Offences Wing (EOW) of Mumbai police. The other three accused also surrendered. Their police custody has ended on last Thursday.

The four accused including the Billiard Champion were directors of Vihaan Direct Selling India (Pvt) Ltd. This company under the name of Q-Net was running an illegal money circulating scheme. The company is accused of using banned model ‘binary pyramid’ in its marketing schemes.

According to investigators, they cheated almost 500,000 investors. They offered the investors huge commissions to register new investors into their farm and also proposed them fake investment schemes. In this year eight investors complained to the police against them.

Until now, EOW has arrested 17 people and froze the Q-Net and its representatives and associates bank accounts, worth Rs 110 crore.

Suchismita Biswas
Pen is mightier than swords - these words make me passionate about writing. Except writing I love to travel , love to explore the unknown places, love photography and love listening to music. Also I am an avid reader of books. I'm a simple girl but I am what I am.

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