The EOW of Mumbai police on Friday arrested eight MLM leaders of QNet India for duping investors. QNet is also accused of using the banned binary mlm plan for their network marketing business to attract investors.
In the same case, earlier Economic offences wing of Mumbai police had frozen 2 bank accounts that have Rs45 crore in balance of QNet and also arrested Manjunath Hegde.
Those who are arrested in the case are Vivek Singh, Shashi Pandey, Namrata Pandey, Sabeena Mathew, Vijay Mathew, Jaidev Parmar, Rohit Chandra and Mahesh Baharwali. The accused have been charged with cheating, forgery and under Prize Chits and Money Circulation Schemes (Banning) Act, 1978. They will be produced before the holiday court on Saturday.
The EOW has frozen Rs1.8 crore from Vivek kumar Singh’s bank account. Shashibhushan Rameshwar Pandey had Rs70 lakh, his wife Namrata Pandey had Rs2.5 crore, Sabeena Vijay Mathew (Rs1.2 crore), her husband Vijay Mathew (Rs74 lakh), Jagdevsingh Bhulsingh Parmar (Rs70 lakh), Rohit Chandra (Rs1.2 crore) and Mahesh Baharwali had Rs42 lakh in their bank accounts, all of which is now frozen by the EOW.
This accused have got commission ranging from Rs 40 lakh to Rs 2.5 crore in the binary pyramid scheme which is banned in India,” said Rajvardhan Sinha, additional commissioner of police (EOW).
The Economic offences wing of Mumbai is investigating this mlm pyramid scheme, where thousands of investors with Qnet from all over India. EOW booked directors of Vihaan Direct Selling (India) Private Limited including Vijay Eswaran, who is also global managing director of the company.