QNet scam: After Michael Ferreira, Malcolm Desai, three others get bail

After the Supreme Court granted bail to former billiards champion Michael Ferreira and his partner Malcolm Desai in the Q-Net scam, the Sessions court on Thursday granted bail to other three accused

After the Supreme Court granted bail to former billiards champion Michael Ferreira and his partner Malcolm Desai in the Q-Net scam, the Sessions court on Thursday granted bail to other three accused.

The sessions court granted bail to Magaral Veervalli, Srinivas Rao Vanka, both director of Vihaan Direct Selling (India) Pvt Ltd and Aditi Mitra.

Mitra is accused of illegally running money-circulating schemes in the R1,000-crore scam for Hong Kong-based company, Qnet. Nearly 5 lakh investors across the country have allegedly been duped. QNet has been accused of using the banned binary-pyramid business model for their multi-level marketing (MLM) schemes to lure investors.

All the accused have been booked under relevant Sections of the Maharashtra Protection of Interest of Dep­o­sitors In Financial Establishments (MPID) Act, Prize, Chits and Money Circulation Schemes (Banning) Act. Nearly three dozen people have been arrested in the scam till now.

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