Mumbai: Former World Billiards Champion and Padma Bhushan awardee Michael Ferreira on Monday denied the reports on Qnet scam and said he was shocked to find a simple thing blown out of proportion.
He said, "I am shocked to find that this simple thing has been blown out of proportion by the media and I am being portrayed like some demon. As for the company due paying investors, I am also shocked to hear that."
On the question of seeking anticipatory bail, he said, "Anticipatory bail and all that is a legal issue and I am going to leave it entirely to my lawyers to decide what I have to do."
He added, "For 40-50 years I have served my country with honour and distinction and I have gained the respect and regard of most of my countrymen and many people abroad. It has outraged me, the manner in which my name has been maligned."
Ferreira on Saturday had failed to appear after the Mumbai Economic Offences wing summoned him over the Rs 450 crore Qnet scam. The documents accessed by CNN-IBN, showed that Ferreira owns 80,000 shares in Qnet which allegedly duped investors by using a banned pyramid scheme.
Over 12 lakh investors in India are believed to have been duped by the multiple companies that have used Michael Ferreira's name. While Mumbai Police has pegged this scam at Rs 450 crore, investors claim over Rs 5,000 crore has been siphoned by the company.
QNet has been accused of using the banned binary-pyramid business model for their multi-level marketing schemes to attract investors. The company operated in India through its official franchisee Vihaan Direct Selling Private Limited. Multiple companies like QNet, Questnet and Gold Quest were formed by the parent Hong-Kong based company QI group. The company started selling wellness products and expanded through the illegal pyramid scheme.
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