New Delhi, February 28, 2024 – The Enforcement Directorate (ED) has initiated a money laundering investigation in connection with the alleged Rs 425 crore financial fraud involving the multi-level marketing company QNet. The case has attracted attention due to the involvement of former world billiards champion Michael Ferreira and actor Boman Irani’s son, Danesh, both of whom are now under scrutiny.
The Economic Offences Wing (EOW) of the Mumbai Police had previously questioned both Ferreira and Danesh in relation to the scam. The ED’s Mumbai office has now registered the case under the Prevention of Money Laundering Act (PMLA) after reviewing the FIR filed by the EOW.
Sources indicate that the case has cross-border implications due to the international monetary transactions involved, prompting the ED to probe this angle. The agency may soon issue summons to the accused individuals to further investigate their involvement in the scam.
The EOW has already arrested nine team leaders of QNet for allegedly deceiving investors by offering fraudulent products like magnetic disks, herbal items, and holiday schemes. The company is accused of using the illegal binary pyramid model, a banned business practice, to lure investors into its multi-level marketing schemes. Investigating agencies have been closely monitoring such cases across the country in recent months.
The accused individuals are facing charges under the Prize, Chits, and Money Circulation Schemes (Banning) Act, 1978, with the ED now focusing its investigation on money laundering activities. Both Ferreira and Danesh, along with QNet, have denied any wrongdoing in connection with the case.
