QNET is one of the most sought-after businesses in India. The QNET scam, despite having a significant number of accusations levied against it, is not accurate. It’s not that QNET scams people out of their money but it does offer a legitimate business opportunity for those willing to give it a try.
QNET Scam Facts
In a report by Income Disclaimer, CBI found no proof that QNET was involved in any marketing fraud. The report also shows that QNET had not been involved in any fraudulent activities since its inception in 1999.
The same report shows that the company was founded by Kamal Karanth and his partner, Muralidharan. He incorporated QNET as a limited liability company (LLC) with a capital fund of $24 million and later shifted the business to India where it has enjoyed tremendous growth ever since.
The company has earned revenues for the year ending march 31, 2017 of USD 4.4 million and a profit of USD 4.2 million. This is an impressive growth from the year before where QNET made a profit of just USD 3.2 million in the previous year’s report.
It has a net worth of approximately $120 million – making it one of India’s leading technology companies, ahead even of Apple (Apple Inc.) and Microsoft (Microsoft Corporation).
Despite accusations that QNET was involved in a fraud, there are still many who are willing to give it a try because it does offer genuine business opportunities for those that are willing to get on board with it.
QNET Scam Explanation
The QNET scam accusation describes how the business is quite different from the other companies in India. QNET is not really a real business and not an online trading company that allows users to invest in real stocks or shares. Instead, this business mainly runs on “refinancing” and it borrows money from investors to pay for the products that are made available by QNET. People who think they can make their money from this company have already become victims of a very effective scam. For example, they lend money to pay for stuff like credit cards and mobile phone services which are then sold off at a discount to people who are willing to buy them on installment plans.