QNet cheating case: Investors protest outside Michael Ferreira's home

MUMBAI: A group of investors in the

QNet multi-level market case

on Sunday gathered near

Holy Family Church

and marched as a protest and public awarness against

ponzi schemes

. The protesetors reached at the house of accused Padma Bhushan Michael feriera in the QNet cheating case. The protesters were holding placards that read, Michel Ferriera Shame Shame! and Ban QNet”.

“We chose Bandra for protest since most of the accused in this scam reside here. We had informed the police in advance and stated that the peaceful march will be for awareness about such fraud schems and protest against such ponzi schemes,” said Gurpreet Singh Anand, the first complainant in the QNet cheating case. He added that thgough it was his birthday but he did not spend time at home and was busy in the awarenss drive.

Similar protests were held in New Delhi, Bangalore and Hyderabad on Sunday. Last month a special MPIDA court rejected the anticipatory bail plea of Michael Ferreira, winner of the World Amateur Billiards Championship and a Padma Bhushan recipient, and four others in the QNet case. They have approached the Bombay High Court for anticipatory bail. Ferreira, 77, and others had applied for anticipatory bail in 2014.

Anand added that they protested outside the hosue of Ferreira since he had first started operations of QNet in India via his firm, Vihaan Enteprises. The QNet case that began with one complaint, Anand, who raised voice about losing Rs 30,000, has as per police records now crossed a figure of Rs 1,000 crore with more than five lakh investors losing thier money in the cheating case.