ED freezes Rs 137 crore of Qnet Ltd outlet
DECCAN CHRONICLE | DC Correspondent
Hyderabad: The Directorate of Enforcement (ED) has frozen over 137 crore during search operations at seven locations, including in Bengaluru, in connection with a money laundering case against Vihaan Direct Selling (I) pvt. ltd., a sub-franchisee Qnet Ltd.
ED initiated a PMLA investigation on the basis of 38 FIRs against Qnet Ltd., Vihaan direct selling (I) and others registered by Cyberabad police under various Sections of IPC and Prize Chits and Money Circulation Schemes (Banning)Act, 1978.
During the investigation, it was revealed that Vihaan direct selling (I) has been cheating gullible people, promising huge commissions on their investment, by way of running a money circulation scheme in the guise of direct selling of products.
During the search, officials came across incriminating documents and digital devices, which have been seized. Further, amount in excess of 137 crore in more than 50 bank accounts relating to various entities/individuals connected with the case were also seized during the search operations.