QNET Kingpin Vijay Eshwaran At Large, Safe In Hong Kong

Hyderabad: Vijay Eshwaran, the founder and kingpin behind QNET fraud based in Hong Kong is yet to be arrested.

The police officials said that despite a Red Corner notice is pending against him, he is yet to be arrested and would be brought to India. Police have arrested four others including former billiards champion Michael Ferriera in the multi-crore QNET multi-level marketing (MLM) fraud case.

ACP Ram KumarThe directors were transferring money to another sister company - Vanamala Hotels, Travels & Tourism Services Pvt Ltd, a company created through FDI. And Vanamala was in turn was transferring money to QNET in Hong Kong

Michael Ferreira was arrested with three others who had been directors of Vihaan Direct Selling India Pvt and had collected money through schemes of QNET by acting as a franchisee.

Elaborating on the modus operandi, the investigators said that funds were diverted to Eshwaran in two-tier system.

ACP Ram Kumar said, "The directors were transferring money to another sister company - Vanamala Hotels, Travels & Tourism Services Pvt Ltd, a company created through FDI. And Vanamala was in turn was transferring money to QNET in Hong Kong."

As the Hyderabad High Court has stayed orders in the case, police plans have taken a back seat of seizing the assets and indicated that cash has been stashed in abroad.

The police suspect that in Hyderabad itself nearly 30,000 victims will be there who lost over 1 lakh each. The victims who made money to QNET were made to believe that the investments were real as they were taken abroad for training in MLM system. The victims thought that they could easily earn through this system.