Hyderabad EOW arrests six alleged QNET representatives in pyramid scheme case

Hyderabad EOW arrested six alleged QNET independent representatives from Goa in connection with a suspected pyramid and money circulation scheme. Police alleged that a Hyderabad businessman was lured into investing Rs 7.5 lakh through social media-based recruitment tactics.

Hyderabad: The Hyderabad Economic Offences Wing (EOW) has arrested six alleged QNET independent representatives from a resort in Goa for allegedly duping a businessman from the city by luring him into an illegal pyramid and money circulation scheme.

The arrested suspects are Mohd Fawaz, Aswin Suresh, Vinu Johnson D’Cruz, Manoj Ravindran Nair, Subbalakshmi and V Sivarajan Balraj, all natives of Kerala.

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According to police, the complainant Sardar Sharanpal Singh was contacted by Fawaz through Instagram while searching for gym space in Hyderabad and Bengaluru. He was allegedly invited to Bengaluru and introduced to QNET as a lucrative luxury goods business. “The suspect used fabricated success stories, presentations and promises of high monthly earnings to persuade him to invest Rs 7.5 lakh. He initially transferred Rs 30,000 as a booking amount before verifying reports linking QNET to alleged pyramid scheme activities and approaching the police,” said an official.

Following a tip-off that QNET representatives were attending a company event at a resort in Candolim in Goa, an EOW team raided the venue on July 18 and nabbed them.

A Goa court later granted transit remand for their transfer to Hyderabad.

Police alleged that the suspects recruited people through Instagram, Zoom meetings, social media campaigns and personal interactions while promoting the QNET network.

Efforts continue to arrest other absconding suspects, including Sanu Nair and Vysakh Nair, and identify more victims.

Police also seized three luxury vehicles, five mobile phones and digital evidence during the operation.