The economic offences wing (EOW) on Tuesday filed a chargesheet against former World Amateur Billiards Championship winnerand Padma Bhushan recipient Michael Ferreira (77) and 30 others in the Rs 425 crore cheating case involving multi-level marketing firm QNet. Ferreira was arrested on September 30; later, the Hyderabad police took his custody in another cheating case.
The accused have been booked under various sections of the IPC, the Maharashtra Protection of Interest of Depositors (MPID) Act and the Drug and Magic Remedies Act.
The police said that in 2011, Ferreira and the other accused floated a firm, Vihaan Direct Selling, in Bangalore. While Ferreira had 80% stake in the firm, Desai had 20%. In April 2012, Vihaan was appointed the Indian master franchise of QNet, which allegedly lured in vestors with schemes involving investment of Rs30,000 to Rs7 lakh. The police said the accused posed as a marketing firm that would sell bio-discs, watches, herbal products and holiday packages; the accused even claimed that by using the biodisc, one could cure cancer and brain disease.