Hyderabad: The Directorate of Enforcement (ED) has frozen an amount of more than Rs. 137 crores during search operations at seven locations (4 in Hyderabad and 3 in Bengaluru) conducted in connection with a money laundering case against Vihaan Direct Selling(I) Private Limited, a sub-franchise company of Qnet Ltd.
According to the officials, the ED initiated a PMLA investigation on the basis of 38 FIRs against Qnet Ltd., Vihaan Direct Selling (I) Private Limited and others registered by Cyberabad Police, Hyderabad under various Sections of IPC and Prize Chits and Money Circulation Schemes (Banning)Act, 1978.
“During the investigation, it was revealed that M/s Vihaan Direct Selling (I) Private Limited has been cheating gullible people, promising huge commissions on their investment, by way of running a money circulation scheme in the guise of direct selling of products. As a result of the search, various incriminating documents and digital devices were seized. Further, an amount of more than Rs. 137 Crore available in more than 50 bank accounts relating to various entities/individuals connected with the case has been frozen/seized during the search operations,” the officials added.
Further investigation into the matter is under progress.
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