QNET scam: ED freezes Rs 137-crore cash balances in Hyderabad | Hyderabad News

HYDERABAD: The Hyderabad unit of the Enforcement Directorate, on Wednesday, issued orders freezing cash balances worth Rs 137 crore of Vihaan Direct Selling firm and its promoters in the QNET scam.
The ED had frozen the bank accounts held by the accused in various banks across the nation.
The ED had recently conducted searches in various locations on premises linked to the QNET scam in Hyderabad and Bengaluru.
The ED registered an Enforcement Case Information Report in 2022 under the Prevention of Money Laundering Act based on 38 FIRs registered by Cyberabad police against Vihaan and its promoters.
The ED has taken up a money laundering investigation based on other FIRs after the Secunderabad fire mishap against QNET.
The allegation is that QNET is a multi-level marketing scam with over a thousand crore rupees allegedly swindled in Telangana, Andhra Pradesh, Karnataka and Delhi.
Vihaan is linked to a Hong Kong-based multi-level marketing company owned by the QI Group.
Cyberabad police alleged that the company is involved in many ponzi schemes and binary schemes, product based, vacation packages and business tactics.

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