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Hong Kong multi-level marketing QNET on Indian radar for alleged money laundering

( January 19, 2023, 22:02 GMT | Official Statement) -- MLex Summary: Bank accounts of companies connected to the Hong Kong-based multi-level marketing company QNET Ltd and its Indian franchisee Vihaan Direct Selling have been frozen under India's Prevention of Money Laundering Act for their involvement in an investment scam, the financial crime-fighting watchdog said in a statement. The PMLA investigation revealed that Vihaan Direct Selling had floated various shell companies and dummy proprietorships to direct funds exceeding 20 billion rupee ($ 250 million) from unsuspecting investors in the guise of direct selling business, the Directorate of Enforcement said. The ED conducted searches across Mumbai, Bengaluru, and Chennai on Jan 17 and froze 36 bank accounts with amounts exceeding 900 million rupee. The ED's first investigation of QNET dates back to 2014.The Directorate of Enforcement's press release follows:...

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