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Have no direct involvement in QNet operations: Michael Ferreira

Wednesday, 29 January 2014 - 6:00pm IST | Place: Mumbai | Agency: PTI
  • Michael Ferreira

Former world billiards champion Michael Ferreira today claimed he has no direct involvement in the operations of the multi-level marketing firm QNet, which is under the scanner in connection with the alleged Rs 425 crore scam.

Ferreira (75) turned up before the Economic Offences Wing (EOW) for the third day today. He was grilled for nearly two hours and his statement was recorded, following last week's directive by a sessions court to present himself for questioning.

In a statement, Ferreira claimed he told investigators today that he invested in Vihaan Direct Marketing Selling Ltd, the Indian franchisee of QNET, but clarified he had no direct control over the business operations.

Ferreira is alleged to be an 80 per cent share holder in Vihaan firm.

"My role was limited to that of a share holder. I have not received any dividend from the company so far," he told police.

Later, Ferreira reiterated his commitment to co-operate with the law and visit EOW whenever the police want him to do so.

"I have very high respect for the Mumbai police and full faith in the country's judicial system," he said.

"I have an unblemished record and I will not do anything that will tarnish my image," the Padmashree awardee said after returning home.

According to police, Ferreira earned crores through his association with the company for years and participated in and promoted the firm's schemes extensively.

The ace cueist will be called for questioning again in the next few days, police said.

Mumbai Police had on January 2 issued a lookout notice against Ferreira after he failed to appear before it despite summons in the second week of December asking him to turn up and explain his association with the company.

QNet is accused of duping investors by offering to sell magnetic discs, herbal products and holiday schemes allegedly through fraudulent practices, police said.

It has also been accused of using the banned binary pyramid business model for its multi-level marketing schemes to lure investors.

The EOW has arrested nine team leaders of QNet in connection with the alleged scam so far.

The accused have been charged with cheating and forgery under relevant sections of the Prize, Chits and Money Circulation Schemes (Banning) Act 1978, police said.


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