QNET scam: Former billiards champ Ferreira surrenders

Tribune News Service

Advertisement

Mumbai, September 30

Former world billiards champion Michael Ferreira, 77, accused of cheating investors in a multi-level marketing scheme called QNET, surrendered before the Sessions Court here today after the Supreme Court rejected his plea for interim relief. He has been sent to custody till October 13.

The former billiards champion arrived at the court with another accused Malcom Desai. Apart from Ferreira and Desai, Srinivas Rao Vanka, Magaral Veervalli Balaji and Suresh Thimiri were also asked to surrender by the apex court.

While Ferreira, Desai, Vanka, and Balaji were directors of Vihaan Direct Selling (India) Pvt Ltd, Thimiri was director,Transview Enterprises. All were allegedly involved in promoting the multi-level marketing

schemes of QNET, a Hong Kong-based company.

A few years ago, investors who claimed to have lost money in QNET's schemes, filed complaints of cheating against Ferreira and the others. As many as five lakh people may have lost crores of rupees in the scam, the police say.

Money-laundering is one of the charges filed against the accused.