Indian authorities have frozen $16 million tied to QNet. The freeze order is a part of a brand new QNet prison case, initiated in Hyderabad on March twenty third.
The brand new prison case follows a hearth at a QNet sweatshop in Swapnalok Advanced on March seventeenth, which claimed the lives of 5 promoters.
Per week after the fireplace, a buddy of one of many deceased filed a grievance in opposition to QNet with police on March twenty second.
On Wednesday, one of many victims, B. Sravani’s buddy Madis Naveen, submitted a written grievance to Mahankali police station stating that he had deposited Rs 1.60 lakh (~$1940 USD) in June 2022 with Q-Web.
Heart heads Ok. Shiva and N. Vijaya advised him that he would get between Rs 30,000 and Rs 60,000 per 30 days as revenue and his deposited quantity would stay intact, the grievance mentioned.
Naveen mentioned that Q-Web neither refunded the deposit nor gave any incentives as promised.
The Instances of India moreover stories that police in Hyderabad have now acquired complaints from 25 QNet promoters.
Manhankali Police charged Shiva and Vijaya, who have been arrested and brought into custody.
Below interrogation, Shiva and Vijaya gave up Rajesh Khanna, who they declare is “the primary conspirator and proprietor of Q-Web”.
In the course of the preliminary investigation, the police got here to know that Rajesh Khanna can also be the precise proprietor of MLM Q-Web that was banned by the state CID over eight years in the past after receiving a number of complaints, sources mentioned.
QNet operates in India beneath the identify Vihaan Direct Promoting Pvt Ltd. The pyramid scheme is promoted in Hydrabad as “V-Empire”.
I’m assuming Khanna’s possession is proscribed to QNet India’s operations. QNet as a complete is owned by Malaysian nationwide Vijay Eswaran (proper).
Police have managed to get Rajesh Khanna’s cellular quantity and are monitoring him.
Subsequently, the police group can also be checking his financial institution transactions and different related MLMs operated by him in different states.
On March thirtieth The Instances of India reported 137 crore (~$16 million USD) had been seized from Vihaan Direct Promoting.
The freeze order follows latest ED searches in numerous places linked to QNet in Hyderabad and Bengaluru from the place officers seized a number of paperwork and digital units.
The 137 crore frozen by ED is unfold over 50 financial institution accounts throughout the nation and belongs to a number of entities related with the case.
Again in January Indian authorities introduced $11 million tied to QNet had been frozen. The MLM firm has a number of lively prison instances filed in opposition to it throughout India.
Whereas total visitors to QNet’s web site is down, as of February 2023 SimilarWeb nonetheless tracks the vast majority of it originating from India (33%, up 14% month on month).
For his or her half, Malaysian authorities have didn’t take motion in opposition to QNet because it was based in 1998.