HYDERABAD: A 31-year-old man, who had invested huge sums of money in the ponzi schemes promoted by QNET, the Malaysia-based MLM firm which cheated lakhs of investors across the country, killed himself after he did not get the promised returns.
Adapa Aravind from Srikakulam in Andhra Pradesh, hanged himself from the ceiling fan at his residence on Wednesday morning. Aravind had quit his lucrative job as a techie and was working full time with QNET, said his family members. The Cyberabad police investigating the cases against QNET and its agents, have so far registered 30 cases, and arrested 70 persons in connection with the multi-crore fraud, pulled off by the firm.
Aravind resided in a shared flat with four others at an apartment in Chanda Nayak tanda, Madhapur.Aravind worked with an MNC in the city from 2010 to 2017. He quit his job and became a full-time worker for QNET. Over the past two years, he invested `5 lakh from his earnings and borrowed `20 lakh from his father Ramachander Rao, a retired government lecturer and invested in the business. The family members blamed the company and its functionaries as responsible for his death.
QNET denies allegations
QNET denied allegations that Aravind’s death was a result of financial losses he incurred there. “This information is patently untrue and baseless. Based on company records, we can confirm that Aravind Adapa had been a distributor of QNET’s products since 2014.