Hyderabad police disclosed on Thursday the dismantling of a multi-level marketing scam by apprehending six individuals, averting a potential Rs 5,000 crore swindle. Police Commissioner V.C. Sajjanar revealed that the city police’s ‘Operation Ignite Crackdown’ led to the arrest of six people spanning Kerala, West Bengal, Delhi, and Uttar Pradesh. The operation targeted ‘IGNITE,’ identified as the latest iteration of the notorious QNET money circulation scheme in India.
The swift police action, occurring just 18 days after IGNITE’s formation, thwarted a massive financial fraud estimated at Rs 5,000 crore. Investigations by the Central Crime Station confirmed the involvement of key figures from the banned QNET and Vihaan Direct Selling networks in the scheme. This marks the fourth evolution of the deceptive business model over the past three decades, transitioning from Gold Quest to QuestNet, then QNET, and now IGNITE.
The Hyderabad City Police’s proactive stance against predatory money circulation schemes is evident with three victim complaints filed and FIRs lodged. The department’s commitment to preempting large-scale financial fraud is highlighted by this operation, emphasizing the importance of neutralizing fraudulent schemes promptly. Three victims in Hyderabad filed complaints after being recruited through various channels, leading to the discovery of a coordinated collection infrastructure linked to Parasnath Mercantile Pvt. Ltd.
The arrested individuals include Oneal Gupta, IGNITE Team Leader/Recruiter from Noida; Dinesh Kumar Saahil, Director of Indi Konnect Ventures Pvt. Ltd. from Bulandshahr, UP; Priyanshu Saxena, also a Director at Indi Konnect Ventures; Praveen Kumar Dakalia, Director of M/s Parasnath Mercantile Private Limited in Kolkata; Paritosh Kumar Dakalia, another Director at Parasnath Mercantile Private Limited; and Riyaz, a Field Recruiter from Kerala. IGNITE, identified as a multi-level marketing scheme headquartered in Hong Kong, has been linked to various financial offenses, with its key figures facing legal issues in India.
