Former Billiards champion Michael Ferreira, a winner of the prestigious Padma Bhushan, was arrested last night over a marketing fraud worth millions.
Mr Ferreira, 78, was arrested in Mumbai. He and his three associates have been taken to Hyderabad.
He and three others are accused of running an illegal money circulation scheme under the name of QNet, previously known as Questnet in India. Nearly five lakh investors from across the country were reportedly cheated in the scam.
QNet used the banned pyramid business model for their multi-level marketing schemes to lure investors. It operated in India under the “Vihaan Direct marketing selling company”, which sold products like magnetic disks, herbal products and holiday schemes. Mr Ferreira and his associates were directors of the company.
Following a complaint from some investors, investigators in Hyderabad arrested four employees of QNet. Yesterday, the company’s top management was caught.