Malaysian firm disassociates itself from Chennai investor scam
A Malaysian company has disassociated itself from the functioning of its subsidiary in India, whose name has cropped up in connection with an investor scam in Chennai.
The parent company QI Ltd group has said that it was not associated with QuestNet India, a firm which is being investigated by the Chennai police for allegedly cheating thousands of Indian investors in a multi-level marketing scheme.
QI Ltd group said in a statement that it was a diversified multinational company and the Chennai based firm QuestNet was its subsidiary.
However, QuestNet India and its business in India were separate from QI group and the managing director of the parent company, Vijay Easwaran was not a director of the Chennai-based firm, it said.
Easwaran does not exercise direct management or control over the Indian company, national news agency Bernama said, quoting the company's statement.
"Several issues in the context they have been reported in India are inaccurate and misleading," the statement claimed, adding that Easwaran "is also not a fugitive in the way the Indian media reports incorrectly allege."
Chennai police, had last week, detained seven members of QuestNet India, including a female managing director, after investors alleged that the company had failed to pay returns as promised.
QuestNet India would defend all allegations against it in court and take requisite measures to get the detained members released, said the company.
Source : ET
The parent company QI Ltd group has said that it was not associated with QuestNet India, a firm which is being investigated by the Chennai police for allegedly cheating thousands of Indian investors in a multi-level marketing scheme.
QI Ltd group said in a statement that it was a diversified multinational company and the Chennai based firm QuestNet was its subsidiary.
However, QuestNet India and its business in India were separate from QI group and the managing director of the parent company, Vijay Easwaran was not a director of the Chennai-based firm, it said.
Easwaran does not exercise direct management or control over the Indian company, national news agency Bernama said, quoting the company's statement.
"Several issues in the context they have been reported in India are inaccurate and misleading," the statement claimed, adding that Easwaran "is also not a fugitive in the way the Indian media reports incorrectly allege."
Chennai police, had last week, detained seven members of QuestNet India, including a female managing director, after investors alleged that the company had failed to pay returns as promised.
QuestNet India would defend all allegations against it in court and take requisite measures to get the detained members released, said the company.
Source : ET
0 comments:
Post a Comment