Mumbai: The Enforcement Directorate (ED) on Wednesday registered a case under the Prevention of Money Laundering Act against marketing firm, QNet, Vihaan Direct Selling company, former world billiards champion Michael Ferreira and QNet’s office-bearer, Vijay Eswaran.
The economic offences wing (EOW) is already probing a cheating case and has arrested nine persons connected to QNet. Sources in the ED said it would investigate and attach properties under the Act if proved that the same were purchased from the proceeds of crime.
“Most of the money went abroad. The ED will focus on finding the money trail and the suspected hawala transactions,” said an officer from the security establishment.
QNet refuted these allegations. In a statement it said: “QNET as a matter of policy adheres to strong principles of legal business, transparency and corporate governance. All documentation pertaining to the operations of its Indian franchisee Vihaan Direct Selling (VDS) and its financial transactions have been provided to the investigators at the EOW.”—
COURTESY:
Mateen Hafeez
http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=pastissues2&BaseHref=TOIM/2014/02/07&PageLabel=1&EntityId=Ar00503&ViewMode=HTML
The economic offences wing (EOW) is already probing a cheating case and has arrested nine persons connected to QNet. Sources in the ED said it would investigate and attach properties under the Act if proved that the same were purchased from the proceeds of crime.
“Most of the money went abroad. The ED will focus on finding the money trail and the suspected hawala transactions,” said an officer from the security establishment.
QNet refuted these allegations. In a statement it said: “QNET as a matter of policy adheres to strong principles of legal business, transparency and corporate governance. All documentation pertaining to the operations of its Indian franchisee Vihaan Direct Selling (VDS) and its financial transactions have been provided to the investigators at the EOW.”—
COURTESY:
Mateen Hafeez
http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=pastissues2&BaseHref=TOIM/2014/02/07&PageLabel=1&EntityId=Ar00503&ViewMode=HTML
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