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Tag: circulation

Man duping people online, nabbed

A 32-year-old man has been arrested for duping people by offering them virtual currency Kashhcoin by the Crime Branch of the Delhi Police. Police officials claimed that around eight more persons are likely to be arrested”The accused has been identified as Narender alias Sonu Dahiya (32) who hails from Sonipat, Haryana. Dahiya ran the multi-level marketing syndicate of fake cryptocurrency in the name of ‘Kashhcoin’ like Bitcoin along with many others.A case under relevant sections of the Indian Penal Code (IPC) and sections of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 has been registered by the police,” said Alok Kumar, Joint Commissioner of Police, Crime Branch.The police officials received a complaint from Arun Kumar in which he alleged that that he was cheated for Rs 13,90,000 by people who persuaded him to invest in the newly launched virtual currency.”The coins are of no use as of now. While the investigations were going on more complainants came to the police with the same grievance of being cheated in the name of ‘Kashhcoin’. As per the given guidelines of RBI Virtual Currencies (Cryptocurrencies) are not legalised in India,” said Kumar.Narender has studied upto Class 12 and passed out from Haryana. He then started dealing in real estate. After the failure of the real estate business he engaged in Multi Level Marketing (MLM) in the year 2011. In November 2016, he came in contact with other associates. They then launched the virtual currency Kashhcoin in December, 2016 and organized lavish seminars at different places like Nepal, Mumbai, Gujarat, Chandigarh, Raipur, Nagpur.

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Relief to QNet as SC stays 19 cases, grants bail to Ferreira

<!– /11440465/Dna_Article_Middle_300x250_BTF –>The Supreme Court has stayed proceedings in all the 19 FIRs filed against QNet direct selling company across the country while granting bail to former world billiards champion Micheal Ferreira and another official of the firm’s India franchise in a cheating case. Ferreira and Malckolm Noser Desai of Vihaan Pvt Ltd were arrested six months ago for allegedly running ponzi schemes and violating laws in India. A bench of Justices Pinaki Chandra Ghose and Rohinton Fali Nariman said for the grounds stated in the petition of the duo, there shall be stay of further proceedings in all the 19 FIRs. They had surrendered before a trial court in Mumbai after the apex court in September 2016 had refused to grant them anticipatory bail. Granting them relief, the bench said, “Having regard to the fact that the petitioner 2 and 3 before us viz., Michael Joseph Ferriera and Malckolm Nozer Desai are detained in jail custody for about 6 months, they are directed to be released on bail, subject to certain conditions.” The court asked them to furnish bail bonds of Rs 25,000 each with two sureties of the like amount to the satisfaction of the trial court concerned. It also asked them to mark their presence at the police station concerned and submit their residential address to the trial court. They have been asked not to change their residence without the permission of the trial court. The bench also asked them to deposit their passport to the trial court and cooperate with the investigation. According to a statement issued by QNet in Mumbai, the petition contended that the business model followed by Vihaan Direct Selling (India) Pvt Ltd is not a money circulation scheme as alleged and does not fall under the purview of the Prize Chits and Money Circulation (Banning) Act, 1978. The company also said it has been also argued that Vihaan’s business complied with all legal requirements of conducting business in India. Raj Vasudevan, Chief Legal Officer of QNet, said, “This order is a vindication we have been seeking for more than 3 long years. “It has come at a very apt time when the government is trying to instil confidence in this industry with the introduction of Model Direct Selling Guidelines.”(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)

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