QNet scam: Police get Michael Ferreira’s custody till Oct 13

Former billiards World champion Michael Ferreira and two others were on Saturday remanded to police custody for 13 days in connection with Hong Kong-based marketing company QNet duping around 30,000 small investors.

Ferreira and two others, Malcolm Desai and Maganlal Balaji had surrendered in court on Friday and were remanded to police custody by Special Judge D.P. Surana of Maharashtra Protection of Interest of Depositors Court.

For Ferreira, Friday’s development came as a severe blow on the eve of his 78th birthday today (Saturday) though he informed the Special Judge that he was a mere shareholder in the company and was not involved in misleading the investors or defrauding them.

Through his senior counsel Amit Desai and lawyer Sandeep Karnik, Ferreira said that he had even attended QNet’s programmes abroad to inspire as a former sports personality and not to sell or promote its products, and he did not receive any commissions or dividends from the company.

The Economic Offences Wing of Mumbai Police has formed a SIT to investigate the estimated Rs.400 crore multi-layered marketing schemes through the master franchise QNet which allegedly left around 30,000 investors in the lurch.

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