[Resolved] Qnet — Is illegal, scam and fraud!
I was approached by one of my friends who pitched me a business opportunity in referral marketing from www. qnet.net? They claim it to be a get quickly rich scheme. Their words and calculations shown were deceiving.
It’s a balanced binary scheme, where you need to balance your down line in such a manner that you get the max commission whether you work or not. This scheme is quickly gaining feet in mumbai, gujarat etc.
It works like this. Well the minimum amount is 30000. But they insist it to start with 300000/- as it will help recover the initial investment faster. You buy products/services (Mind you most of them are pricey & not available to common people) for 300000. Then you have to make 2 irs (Individual representatives) under you for which you get 2*14% (300000) =84000 as the commission!! Wow. Doesn't it sound great? Wait it doesn't end here – you also get 14% of 300000 for each partner your partners make under them. This way you basically get your money back in the 3rd level itself and free products/service. Double wow!! This way they are misguiding and influencing young people to earn millions if they reach 8th-10-15th level and so on and so forth.
I have found that everything is fishy about it. That is the reason why i want to use your platform to disseminate this information to everyone so that people don’t fall prey to these scamsters and lose their hard earned money. There are reasons why scheme is illegal, company is fraud and concept is a scam!!
• they don’t have pan/tan registration. Not registered under companies/sales tax act 1956.
• no registered address under roc of india.
• you need to buy products/services in $ through your credit card and they remit commissions in $. It’s a violation of fema and it laws.
• qnet earlier called questnet and earlier to it goldquest. Both of them are banned by goi. Their directors (Pushpam appalanaidu & others) were prosecuted in[protected].
• it is head quartered in hong kong but not registered under hong kong direct selling association (Hkdsa). It is because hkdsa doesn’t recognize it as its business model is illegal. Even dsa of singapore and india doesn’t recognize it!
• referral marketing/mlm/pyramid/binary/balance binary/ponzie schemes are banned under pcms act 1978.
• qnet is banned in developed countries like, us, european countries, australia etc.
• qnet is an ecommerce platform and started in 1998. Still there was no global internet traffic till 2010 (Source alexa.com). Hong kong where the company is registered doesn’t feature in even top 20 for global traffic on it.
• against the founder of qnet, vijay eswaran still n numbers of civil cases are pending in malaysia, indonesia, philippines, srilanka, india etc.? His name was once under the interpol’s red notice!!
Complaint marked as Resolved Aug 13, 2020
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