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QNet scam: Michael Ferreira's interim protection from arrest extended till February 24

Monday, 17 February 2014 - 9:06pm IST | Place: Mumbai | Agency: PTI
  • Michael Ferreira.

The sessions court here on Monday extended the interim protection from arrest granted to former world billiards champion Michael Ferreira till February 24 in connection with Rs 425 crore QNet case.

"The court extended his interim protection till February 24," said Chief Public Prosecutor Kalpana Chavan.

Ferreira had approached the court on January 22 seeking pre-arrest bail.

In the second week of December, the Economic Offences Wing (EOW) of the city police, probing the QNet case, had served summons to the 75-year-old Ferreira as they wanted to quiz him about his association with the scam-hit company.

However he did not turn up.

The EOW has so far arrested nine 'team leaders' of the QNet for allegedly duping investors by offering to sell products such as magnetic disks, herbal remedies and holiday schemes through fraudulent practices.

QNet has also been accused of using the banned 'binary pyramid' business model for their multi-level marketing (MLM) schemes to entice investors.

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


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