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More properties of Quest Net seized

The police have seized properties valued at Rs. 47 crore, including cars and gold coins, from multi-level marketing Quest Net. This is in addition to the over Rs.3 crore worth of properties seized sometime ago.

Managing director of the company Pushpam Appala Naidu, who was arrested on May 2, has been detained under Goondas Act. Efforts are on to arrest Vijay Eswaran, the group managing director, who is abroad, Police Commissioner Nanchil G.Kumaran told mediapersons here on Saturday.

The seized properties included two luxury cars, 12 laptops, 87 kg of gold coins, 910 kg of silver coins, 8,372 gold watches, besides Rs.3.51 crore in cash.

Frozen

Bank lockers having cash and fixed deposits in various banks, totalling Rs.50 crore, have also been frozen.

Efforts are on to take possession of a building each in Hyderabad and Mumbai, valued at Rs. 32 crore, belonging to the company, besides documents pertaining to its investments in shares and mutual fund, to the extent of around Rs.200 crore. Nearly 17,350 complaints have been received by the police.


Source: The Hindu (http://www.hindu.com/2008/05/25/stories/2008052560330100.htm)

2 comments:

  1. Senthil said...
     

    Mr. Stalin from DMK asked for the property owned by QuestNet in Mahabalipuram to build a resort. This request was rejected by the company and this triggered all the events happening now. So this is the inside story all rest are cooked by the poor local police.

  2. Anonymous said...
     

    Right... poor local police eh, anyone with healthy mind or at least properly educated knows questnet/faithnet or whatever is a scam. Been to their seminar, Laughed and walked out after 5 minutes. They exploit man's greatest weakness, "Greed", promised all these great stuff, in the end, they are getting richer (by scamming you) and you end up broke. "I pity the fool".

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