Ferreira was arrested along with three others on Tuesday by the Hyderabad police.

Hyd HC grants stay to billiards champion Michael Ferreira in multi-crore QNet scamPTI
news QNet Scam Thursday, October 20, 2016 - 08:27

Former world billiards champion Michael Ferreira got a reprieve after the Hyderabad High Court on Wednesday stayed the criminal case filed against him by the police in the multi-crore QNet scam.

“In the two FIRs registered in Hyderabad following complaints by some people, the police have not even named Ferreira as an accused. Since Mumbai police advised the Hyderabad cops to seek his custody, they brought him here on a transit warrant without making out any case against him. In fact, the Hyderabad High Court stayed the second FIR last week itself,“ Ferreira’s counsel DV Sitaram Murthy said.

Ferreira was arrested along with three others on Tuesday by the Hyderabad police.

The four were partners in a firm linked to QNet, a multi-level marketing company that ran a fraudulent investment scheme soliciting people to invest between Rs 30,000 to Rs 7.5 lakh, according to a report by Uma Sudhir for NDTV.

Almost five lakh investors were allegedly defrauded as per the report.

QNet and its franchisees used the banned ‘binary pyramid’ model for their marketing schemes and allegedly sold products including herbal medicines, magnetic disks with healing properties and holiday schemes, the report adds.

The prosecutors alleged in court that the money so generated from the scheme was routed to places outside the country.

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