Police arrest three from Thane in connection with banned ponzi scheme
Haresh Bhadra, Suvija Pai and Monish Bhandarkar
Local Press Co 5-point Snippet
1. On Sunday, the Mumbai police’s Economic Offence Wing arrested three more people for propagating banned ponzi schemes. With this arrest, the number of accused in connection with the 2013 QNet’s Rs 425 crore multi-level marketing scam, has now reached 22.
2. The arrested trio, identified as Suvija Pai, Monish Bhandarkar and Haresh Bhadra, were holding a seminar in a Thane hotel, which was attended by 30-40 people. The trio used to work as independent representatives (IR’s) with QNet.
3. QNet is a Hong Kong based direct-selling company, which has been accused of cheating thousands of investors by using the banned binary pyramid business model. The binary scheme demands existing members to bring in more members and are paid commissions for it.
4. After receiving a tip-off from a reliable source, cops raided the seminar and arrested the trio. It was later found out that Bhandarkar and Bhadra were promised Rs 20 lakh commission by the company and Pai had already received Rs 10 lakh for propagating banned QNet schemes.
5. Following their arrest, the accused were booked under relevant sections of Maharashtra Protection of Interest of Depositors In Financial Establishments (MPID) Act, Prize, Chits and Money Circulation Schemes (Banning) Act and Indian Penal Code.
