Qnet - Misplaced Pages

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Qnet ltd, or QuestNet or GoldQuest, is considered a pyramid scheme company by more than one association that tries to show itself as a legitimate network marketing company, simply by registering itself in some Direct Selling Associations in some countries, with a legitimate policies and procedures other than its original pyramid scheme policies, that it applies to its representatives in other countries.

Overview

It is a Hong Kong based pyramid scheme that markets gold coins, Swiss made Watches, Energy products and time share vacations. The scheme operates by the recruitment of customers by existing Independent Representatives (IR). An IR is provided with an ID that gives access to a 'Tracking Centre' (TC) in its computer system through which the IR's sales are tracked. A TC has a left and right customer group. Every customer owns a TC which is then placed on the left or right customer side of the IR's TC. A 'direct' transaction (your sale) is counted as 1 transaction. An 'indirect transaction (someone in your TC sells) is also counted as 1 transaction. the company pays $250 each time 3 product sales on an IR's left customer group are matched by 3 product sales on the right, whatever the combination of direct and indirect sales. Worthy mentioning that the company's Executive director, Vijay Eswaran, has faced his arrest for fraud on an Interpol warrant In May 2007 as published in the "Business Mirror" newspaper on the 13th of August, 2007.

Media and the world press

According to many international newspapers, video news reports and official organizations, the company follows a Pyramid Scheme, Organizations such as the direct selling Association of Indonesia , Mr. CAMERON THOMPSON, of the Australian Parliament, who listed QNet as an example of Pyramid Schemes, on the 4th of December, 2002, PressTV, an English language global news network controlled by the Iranian government, had prepared a written and video report about the economic disasters caused by the company in Iran and the France24 news report about the beginning of its illegitimate business in Africa . Some of the World Press News have published the criminalization, closing and arresting such company's managers for fraud in many countries, including , Sri Lanka , Nepal , Philippines , Indonesia, Rwanda , Afghanistan , Armenia , Turkey and in Syria where QNet has opened a branch there in 2008 and closed in 2009 . It should be noted that QNet and GoldQuest are the same company which has been criminalized internationally since 2008 as shown in the site FraudsandScams.com and that QNet still recognizes that name and include it within the company's policies and procedures documents and forbids its use by any of its representative personal purposes, that can be found in point (C) in the English version of QNet's policies and procedures document

The only associations who endorse the legitimacy of the company, are the direct selling association of Malaysia,DSAM, and the direct selling association of Singapore , and this happened because these two associations forced QNet to change and amend its laws in these two countries, Malaysia and Singapore, and actually, any one wants to register for this company, he finds the policies and procedures available to Malaysia or Singapore are very different from the file available to any other country, in fact they also Contraries to the others in some items such as the law of repurchase No. 3.01, and also the policies of the branch of Malaysia includes a law that allows any of its representative to return any product that has been purchased within six months from the date of purchase, which is of the basic laws to ensure the legality of network marketing , that law does not exist at all in the rest of the records of policies and procedures of the company available for the rest of the countries. It is clear that the laws of the company contrary to the laws of direct marketing, which paid to change those laws to get registered in these two organizations in Malaysia and Singapore.

The Independent representatives of this company claim that it has a contract with the FIFA Organization, FAO, the race of the Formula1, and other contracts, but most of these old contracts have been terminated, and also were with the name GoldQuest the criminalized company, such as the contract with FAO, and the others are just for the dissemination and promotion of the company's ads during some sporting events with some other companies. This company, QNet, aims to act only to gain credibility and confuse that it has been closed and criminalized in many countries.

IRs in Egypt

Like the style of the company, its representatives in Egypt tries to gain credibility by posting news on their tongues, or of their leaders, that the company aims to promote the country's economy and plans to open a branch in Egypt before the end of 2011. These news was published in some Egyptian newspapers, Other news about to conference between their leaders to discuss developments in the Egyptian market were published , worthy mentioning that none of the representatives of the Egyptian government had attended this conference, but it was just a meeting between the leaders of the company to discuss the fight against them in Egypt, but it is clear that the Egyptian government is already in the process of taking steps against the company for violating the Customs Law of Egypt and for the violation of its representatives for the taxes law of Egypt, where authorized Husseini Haggag, Chief Operating Officer of the Customs Authority, for the newspaper "Al-Porsa" The exploitation of young people from foreign companies to promote their products is one of the newest types of smuggling such as "dealers". It should be noted that this newspaper has followed the company's problems in Egypt after the Regional Director of the company had said some Statements in an earlier issue of the same newspaper .

Overview

Media and the world press

IRs in Egypt

List of References