Former World Billiards Champion Michael Ferreira surrendered before the Mumbai sessions court on Friday, in connection with the QNet cheating case.
A Special Investigation Team of the Economic Offences Wing (EOW) of the Mumbai police is investigating the complaints of customers alleging that they were duped in the multi-layered marketing schemes through a master franchise of QNet. The franchise allegedly lured more than five lakh investors in schemes ranging from Rs 30,000 to Rs 7 lakh. Five lakh investors are known to have lost their money in the scam.
Ferreira told court that he was a “mere shareholder” in the Hong Kong-based marketing franchise and was not involved in misleading and duping investors.
He added that he attended the company’s programmes abroad, not for sales of its products but to inspire people as a former sportsperson.
Senior counsel Amit Desai along with Sandeep Karnik who represented Ferreira informed the court that he had not received any commission or dividends from the company. Co-accused Srinivas Rao Vanka and Magaral Veervalli Balaji, both directors of Vihaan Direct Selling Pvt Ltd, and Malcolm Nozer Desai too surrendered and were remanded in EOW custody till October 13.
The court also issued a non-bailable warrant against Suresh Thimiri, director of Transview Enterprises.
“Custody is necessary for investigating agencies in financial scams to confront the accused with information already furnished, oral statements made during interrogation and to confront them with other arrested accused,” the judge said, while granting police custody.