KUALA LUMPUR: QI Ltd Group said it was not associated with a company being investigated by Chennai police for allegedly cheating thousands of investors in a multi-level marketing scheme last week.

In a statement, QI said it was a diversified multinational company and QuestNet was its subsidiary.

However, QuestNet India and its business in India were separate from QI, and Datuk Vijay Eswaran, the group managing director of QI, was not a director of the Chennai-based QuestNet, nor does he exercise direct management or control over the Indian company.

"Several issues in the context they have been reported in India are inaccurate and misleading."

Attempts to link QI and Vijay in the present context of what is being reported in India are overstated and have no basis.
"Datuk Vijay is also not a fugitive in the way the India media reports allege," said the statement.

Last week, Chennai police detained seven members of QuestNet India, including the woman managing director, after receiving numerous complaints from investors who alleged the company failed to pay returns as promised.

The Indian police had also said they would seek a court order to arrest Vijay.

"The allegations of a criminal element in such complaints are erroneous," said the statement.

QuestNet India would defend all allegations against it in court and take measures to release the detained members, said the company. - Bernama