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QNet scam: I haven't duped anyone, says Michael Ferreira

Jan 28, 2014 06:08 PM IST Business Business

New Delhi: Former World Billiards champion and Padma Bhushan awardee Michael Ferreira on Tuesday rebutted allegations of duping anyone through QNet. "I haven't duped anyone. People are barking up the wrong tree. If they have a problem then they can go to the company. I haven't done anything wrong. I am a shareholder and as a shareholder I have no other responsibility," he said.

Ferreira added, "I am cooperating with EOW and let the investigation reveal the truth. I have been a shareholder since September 2011. I haven't promoted on behalf of anyone."

He had appeared before the Economic Offences Wing in Mumbai on January 27 in connection with the scam.

Ferreira, who was away in Malaysia, had for weeks avoided appearing before the EOW until a Mumbai court hearing his anticipatory bail application asked him to present himself before the police by January 27.

Ferreria had earlier said that he has been portrayed like a demon in the case. "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," he had said.

Mumbai Police had on January 2 issued a lookout notice against Ferreira after he failed to appear before them despite summons in the second week of December asking him to turn up and explain his association with the company.

Ferreira is a share-holder in the company accused of duping investors by offering to sell magnetic discs, herbal products and holiday schemes allegedly through fraudulent practices.

QNet has also been accused of using the banned binary pyramid business model for their multi-level marketing (MLM) schemes to lure investors. The accused have been charged with cheating and forgery under relevant sections of the Prize, Chits and Money Circulation Schemes (Banning) Act 1978.

So far, he has denied any wrongdoing and has also defended the controversial company. The winner of the World Amateur Billiards Championship has also described as "outrageous, malicious and untruthful" the allegations against him of defrauding people through QNet.