Indian authorities have frozen $11 million {dollars} they allege is a part of a cash laundering racket tied to QNet.
As per a January 18th report from MoneyLife;
Enforcement Directorate (ED), the company chargeable for imposing financial legal guidelines and preventing financial crime in India, has freezed 36 financial institution accounts relating to numerous firms, people and proprietorships linked with Vihaan Direct Promoting India Pvt Ltd.
QNet is a Malaysian MLM firm run by Vijay Eswaran (proper).
QNet operates outdoors of Malaysia by varied shell firms.
In india QNet operates by Vihaan Direct Promoting India Pvt Lrd.
The ED claims to have frozen over Rs90 crore, which involves $11 million USD. Accompanying the seizure had been raids on properties in Mumbai, Bengaluru and Chennai.
The unique case filed by Indian authorities towards QNet dates again to 2014. As per BehindMLM’s QNet assessment, the corporate operates as an autoship recruitment pyramid scheme.
QNet has a turbulent historical past in India, regardless of common makes an attempt to control the rip-off.
MoneyLife paperwork earlier QNet clashes with authorities predating 2018.
And regardless of all of this, India stays the biggest supply of QNet’s web site site visitors. In December 2022 SimilarWeb attributed 40% of all QNet web site site visitors to India.
Whether or not the newest seizures have any impact on the unfold of QNet all through India stays to be seen.
For his or her half Malaysian authorities have did not take motion towards QNet because it was based in 1998.
