Cyberabad: Fifty-seven people were on Tuesday put behind the bars for their involvement in 14 cases of fraud and cheating, after police busted a cheating racket run by Vihaan Direct Selling Pvt. Ltd., a sub-franchise of Hong-Kong based multi-level marketing (MLM) company QNet, that is accused of invoking Ponzi schemes.Also Read - 9 Most Colourful Streets in India Where You Will Find The Best Blend of Jazziness And Culture

The racket was busted by the sleuths of Cyberabad in various parts of Telangana, Andhra Pradesh, Bengaluru and Delhi in which 57 persons were arrested in 14 cases registered against QNet. Also Read - IRCTC Latest News: Railways Cancels 385 Trains Today Due To Operational Reasons, Foggy Weather

VC Sajjanar, Commissioner of Police, Cyberabad told reporters, “This is a case of cheating by Vihaan Direct Selling Pvt Ltd., a sub-franchise of QI group in India marketing under the brand name of QNet.” Also Read - No Lockdown in Karnataka, Decision on Weekend/Night Curfew On Friday: Minister Amid Rising Cases | Read Details

“There are a total of 30 cases registered on QNet in Cyberabad. There are eight cases which are under investigation with CID,” said Sajjanar.

“QNet is a Hong Kong-based multi-level marketing company owned by the QI group. The company invoked many Ponzi schemes and binary schemes, vacation packages and business tactics which were illegal,” he further said.

Notably, QNet is the main subsidiary of QI group of companies founded by Vijay Eshwaran and Joseph Bismark in Hong Kong in 1998. The company’s CEO Micheal Ferreira and Malcolm Desai are the shareholders of Vihaan Direct Selling Pvt Ltd. Now, the company has opened its branches all across the world.

QNet has appointed Vihaan Direct Selling Pvt Ltd as its sub-franchise in India, while Dilipraj Pokella and Mohammad Imtiaz are said to be the directors of the company.