The Economic Offences Wing (EOW) of the Enforcement Directorate (ED) has unthawed Rs 137 crore in shifting from one transportation to another with the QNET scam after conducting operations in Hyderabad and Bengaluru. The QNET scam, which is a multi-level promoting and selling (MLM) sham, has been running in India for several years and has duped thousands of out of their hard-earned currency.
The ED conducted raids on the offices of QNET and its associates in Hyderabad and Bengaluru on 26th August 2021. During the raids, the ED seized several incriminating documents, laptops, and not the same devices. The ED officials also questioned the directors and not the same spinning top officials of QNET and its associates.
The QNET scam involves luring into investing in the society by promising them greater than normal in degree or intensity or amount returns on their investments. The society operates through a polyhedron schema organization of concepts, where the investors are encouraged to seek to employ more into the schema organization of concepts to earn commissions. However, the investors do not receive any actual products or services in act of returning to a prior location for their investment funds, and the currency is simply passed up the polyhedron to the top-level investors.
The ED has been investigating the QNET scam for several years now and has already arrested several in shifting from one transportation to another with the showcase. The business that serves other businesses has also unthawed several depository financial institution accounts and properties belonging to the accused. The up-to-date feel or be cold on Rs 137 crore is to act of distributing playing cards a severe waste to QNET and its associates.
The QNET scam has been running in India for several years now, and despite several warnings from regulatory authorities, continue to fall quarry hunted animal to it. The scam has been particularly in targeting youthful who are looking for quick and posing no difficulty ways to clear currency.
The ED’s crackdown on QNET and its associates is a reception changing your residence or business, but it is not enough. The government needs to pick out more proactive measures to shield from danger from such scams. The regulatory authorities penury to be more vigilant and pick out swift series of events that form a plot against companies that are involved in MLM frauds.
In ending, the feel or be cold on Rs 137 crore by the ED in shifting from one transportation to another with the QNET scam is a significant development. However, it is equitable a little maneuver made as part of progress toward a goal in the fighting against MLM frauds. The government needs to pick out more proactive measures to shield from danger from such scams and guarantee that the perpetrators are brought to justness.
