Direct selling company QNET today expressed its shock and dismay at the reports suggesting that the case of money laundering has been filed against it. In a media statement QNET refuted these allegations as preposterous and completely baseless.
“QNET as a matter of policy adheres to strong principles of legal business, transparency and corporate governance. All documentation pertaining to the operations of its Indian Franchisee Vihaan Direct Selling (VDS) and its financial transactions have been provided to the investigators at the EOW. QNet reiterates that it is fully compliant with the rules and regulations of business operations under Indian laws.
Please note :
• That it has no official communication in this regard from the Enforcement Directorate yet
• VDS Accounts are audited with a clear traceable history of all financial transactions. All documents demonstrating the same have been already submitted to the EOW
• QNet’s business runs on an eCommerce platform and it does not accept or engage in any cash transactions
• All product sales transactions are transparent and cleared through a third-party payment gateway, cheques or through Demand Drafts.
VDS has been paying all its taxes. All commissions payable to the Independent Representatives (IRs) for product sales are paid only after TDS. All documentation has been provided to the investigators and the management of Vihaanare fully cooperating with them in this investigation.
There is, therefore, no question of any money laundering by QNET. QNET continues to cooperate with the EOW and will extend its complete cooperation to the Enforcement Directorate in order to clear its name. ”