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Vikash Sharma

The special Economic Offences Wing (EOW) of Odisha Crime Branch on Tuesday arrested one more accused involved in the alleged multi-crore Q-Net scam. The accused has been identified as Arabinda Kumar Mohanty of Palai village in Kendrapara district.

Q-Net, a multi-level marketing company had allegedly duped thousands of investors to a total worth Rs 5,000 crore. OTV had first exposed the scam in its investigative report aired in September 2019.

The accused Arabinda has been booked under Indian Penal Code (IPC) sections- 406, 420, 467, 468, 471, 120 (B) and sections 4, 5 and 6 of Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and section 6 of the Odisha Protection of Interests of Depositors Act, 2011.

He has been arrested in connection with the allegations that Q-Net Ltd, a Hong Kong-based company and its franchise M/s Vihaa Direct Selling (India) Private Limited through its directors and promotors were running illegal money circulation scheme in the guise of Direct Multi-Level Marketing (MLM).

All of them were accused of misappropriating money invested by several people and investors to the tune of several crore by promising them lofty returns.

Earlier, the EOW had arrested four persons including directors and promoters of the company including- Sarat Kumar Parida, Devabrat Harichandan, Chandan Kumar Mohalik and Prashant Kumar Mohanty. Out of the total four accused, three are now out on bail, sources said.

“Investigations revealed that all the accused persons have duped 31 investors through criminal conspiracy and collected Rs 1.2 crore from them by assuring high returns. The Company and its Directors/ Promoters have failed to provide the assured service/ returns for the money which was invested by people,” the EOW said in a release.

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