Three QNet executives have been arrested on pyramid scheme fraud costs in Hyderabad, India.
As reported by India Immediately on Could thirtieth;
The arrested individuals are G.Rajesh Khanna from Bengaluru, Maneesh from Himayathnagar and Syed Ajmal Mehdi Sajjad from Malakpet, who had been discovered to be related to two completely different firms together with QNET (Vihaan Direct Promoting India Pvt. Ltd), engaged in misleading funding schemes.
An investigation by Hyderabad Police has led to 12 suspects being booked. The opposite firm promoted is V-Empire, which Hyderabad Police declare is “Qnet’s sister company”.
Qnet, a Hong Kong-based multi-level advertising (MLM) firm, has been doing enterprise by floating completely different firms to keep away from coming beneath the scanner of safety businesses.
Thus far 150 victims and Rs. 30 million in losses have been recognized (~$362,745 USD).
Hyderabad’s Police managed to hint 35 QNet associated financial institution accounts containing Rs. 540 million (~$6.5 million USD). These accounts and funds have been frozen.
Along with QNet executives, Hyderabad police additionally arrested two QNet promoters.
In a separate case, Maneesh Katti and Syed Ajmal Mehdi Sajjad, who labored as advertising in-charges for the corporate and promoted two fraudulent schemes, was arrested.
The 2 scammers duped 44 victims out of ~$30,000 USD every. Hyderabad’s Police have managed to trace and freeze $786,030 tied to the promoters.
QNet operates in India via shell firms beneath Vihaan Direct Promoting (India) Pvt Ltd.
The corporate is run out of Malaysia by Vijay Eswaran (proper).
Indian authorities started cracking down on QNet following civil protests in 2018.
Since then there have been a number of QNet arrests and thousands and thousands seized, but Indians proceed to be roped into the pyramid scheme.
As of April 2023, SimilarWeb nonetheless tracked India as the first supply of QNet net visitors (41%). Recruitment into the pyramid scheme can also be on the rise in Syria (7%), Germany (7%), the UAE (5%) and Russia (4%).
Russia issued a QNet pyramid scheme fraud warning in October, 2022.
