•Billiards champion Michael Ferreira was arrested in a 400-crore scam involving marketing company QNet, Mr Ferreira, 78, surrendered in Mumbai earlier after failing to get protection from court.The Bail application has now been posted on 5th Jan for hearing.
Michael Ferreira is the first billiards player to be awarded with the Padma Bhushan after he won his third world amateur billiards title in 1983.
Mumbai, 24 December, 2016 (GPN) :The matter related to Michael Ferreira’s bail application seems to get further delayed. During the hearing in Bombay HC on 22nd December, the public prosecutor informed the court that Special Public Prosecutor who appears in the case was not available for the hearing and hence the case be adjourned.
“The company is in the legitimate business of direct selling in India which is in compliance to all Indian laws. None of the offences applied against the company can be sustained as QNet is a direct selling company whose business is based on sale of products, and commissions are paid only upon sale of such products. The Bail application has now been posted on 05/1/17 for hearing. Michael Ferreira may be released on bail soon, as the investigation is complete and charge sheet will be filed next week.” said Advocate Nikhil Goyal, who represents Vihaan Direct Selling (India) Pvt Ltd the sub-franchise of Qnet.
Advocate Vishwanathan Iyer an independent legal expert was of the opinion that there is a trend of accusing corporates under charges which are totally not applicable in several cases. He said “In the case of Qnet, the company has been charged under MPID act. The company it is involved in the business of sale of products and cannot be in any manner held liable for conducting an investment scheme and hence the offences of MPID Act are also not applicable.”
QNET is one of Asia’s leading Direct Selling Company that offers a portfolio of lifestyle products to customers in more than 100 countries through its proprietary e-commerce platform. The company also offers an entrepreneurial network marketing business opportunity. QNET has offices and agency representations in 25 countries around the world and employs approximately 1,000 employees. Established in Hong Kong in 1998, QNET is a member of the Direct Selling Association of Malaysia, Singapore, Indonesia and the Philippines.