GoldQuest aka QuestNet gold scheme (some call it a scam) is the buzz that is taking rounds in Bangalore nowadays. Not that it hasn’t been around, but sounds like it has caught up once again. Last week one of my friend pulled me over for one such meeting where the talented marketers tried to convince me to enroll for this questnet business. I made an attempt to understand this is all about and how it works. After analyzing it thoroughly, it made me wonder how the so called ‘intelligent IT’ folks are falling prey for a vulnerable business model in which QuestNet is operating.
Let me write here on what I mean by vulnerable business model. To become a QuestNet ‘partner’ (business term), one needs to pay about INR 33k. By paying so, you become the privileged owner of a ‘Gold Coin’ of about 6 grams – this costs about INR 6k. They claim to have numismatic value for all the coins that they are giving away. I need to reiterate the actual meaning for numismatic here, refer to wikipedia for more information. Usually, gold coins get high value over a period of time – probably not in the life span of one generation. Also, I did a bit of search on EBay and other internet sites to figure out how much value these questnet coins can fetch. To my surprise, there were neither bidders nor any proof of a successful selling of such a coin. Now the net loss for an individual by becoming ‘business partner’ is INR 27k. Now they propose a multi level marketing (MLM) plan to make up your lost money. This goes something like this – Introduce a couple of people as partners and you attract a commission Rs 1916/- per head. Let us assume you introduced A & B. Now to reclaim your money in the form of commission, ask those 2 folks to introduce another 2 each – say A introduces A1, A2 and B gets in B1, B2. This sequence goes on to get your already paid partnership money in the form of a “Interest free commission”. There is a catch again, one need to keep introducing new people in the counts of 3, 6, 9, 12, 15…. in a group. If anyone fails on either side of the binary tree, progress halts. In turn this cuts short the money you have already paid. Now, let me put it in mathematical form.
This diagram (thanks to Wikipedia) represents what i have explained all this while. It is mathematically proved that the Number of nodes with two children is always less than half the total number of nodes – Well known as ‘Binary Tree Fact’. All the people who enter such a business model at the very early stages are the lucky ones. They will get to spread and introduce new ‘Partners’ to the chain. However, over a period of time this will reach the saturation level. This is very well shown in the diagram. If you observe the Blue circles, they are the one who joined in the early stages. They represent 11.8% percent of overall population while the circles indicated in Red counts to 88.1%. Hence the top 12% gets benefited from this kind of business model while the alarming 88% will be on the losing side. Think twice before you get in to this kind of businesses.
It is up to you to decide on whether you belong to profitable 12% or loss making 88% depending on how you take it to the next level. Why to become a fool by depositing your hard earned money with someone and they try to get it back by putting others in a fix? If you want to lose your friends and start looking at everyone including friends, relatives, co-workers etc., as targets, then this business is for you. Is this justified trap others to get back your own money in the form of commission? It will kill your good relationship with everyone around you, value of which cannot be quantified. No matter how much you make, you need people and time to enjoy in the society. Even in this material world, money is not everything. There is always life beyond making money, at least not at the cost of making others fools too. Think again.. do you really want to get in?
RRK says
@ Siddharth
QN chennai office is open. But accounts are freezed, court case is still not solved. QN is activer in some parts like mumbai, delhi and few other parts. All operations are carried by e cards of quest account. Its actually illegal according to law.
IR takes 32.2k from person and uses e cards available in his quest account to sign up. No proofs accept e card(which also is not a valid proof), In short operations running verly slowly and secretly in some parts.
Regards,
RRK.
RRK says
@ Siddharth
QN chennai office is open. But accounts are freezed, court case is still not solved. QN is activer in some parts like mumbai, delhi and few other parts. All operations are carried by e cards of quest account. Its actually illegal according to law.
IR takes 32.2k from person and uses e cards available in his quest account to sign up. No proofs accept e card(which also is not a valid proof), In short operations running verly slowly and secretly in some parts.
Regards,
RRK.
Siddharth says
Hey guys….
I’m a little confused right now. Has QN ceased operations in entire India? I’m not too sure. My friend, who almost trapped me in joining QN, claims that the she is actively working on it & is receiving cheques. I’m not sure if she is hiding the truth so that I don’t make fun of her or is QN really active?
Siddharth says
Hey guys….
I’m a little confused right now. Has QN ceased operations in entire India? I’m not too sure. My friend, who almost trapped me in joining QN, claims that the she is actively working on it & is receiving cheques. I’m not sure if she is hiding the truth so that I don’t make fun of her or is QN really active?
RRK says
Hi,
I just spoke to QN customer care 0008006001144, its toll free number. I enquired abt delivery of products. Reply was like this ” since court case is still not solved, pls wait some more time for the delivery of products “.
Even I asked whether we can cancel order, YES. It needs ID proof of IR, cancel request, permission from upline to cancel order. Just speak to customer care regarding this. Even I dont know much abt this.
Regards,
RRK.
RRK says
Hi,
I just spoke to QN customer care 0008006001144, its toll free number. I enquired abt delivery of products. Reply was like this ” since court case is still not solved, pls wait some more time for the delivery of products “.
Even I asked whether we can cancel order, YES. It needs ID proof of IR, cancel request, permission from upline to cancel order. Just speak to customer care regarding this. Even I dont know much abt this.
Regards,
RRK.
Mohan says
@RAG
@Chintan
@pavan
@RRK
Folks, Sivaji Ganganathan has made it obvious in his comment very clear about this. They know all possible ways to fool people like us and we hardly know any loop holes where in QN seems to know every possible exploit in legal charter to make itself safe. I don’t think any of you/us will be able to combat them legally!
Good try though!
Mohan says
@RAG
@Chintan
@pavan
@RRK
Folks, Sivaji Ganganathan has made it obvious in his comment very clear about this. They know all possible ways to fool people like us and we hardly know any loop holes where in QN seems to know every possible exploit in legal charter to make itself safe. I don’t think any of you/us will be able to combat them legally!
Good try though!
Chintan says
Hi All,
So that means people who are already trapped .. please don’t listen to your QN IRs who took your presentation saying that you will get the product in 3 months, if you bought it and its less than 2 months … PLEASE cancel the order and get the charge back WITHIN 45 days… QN is really smart by delaying your delivery, and QN IRs are more smarter in fooling you !!!
For those who are just being approached by QN … STAY AWAY !!! 😉
Chintan says
Hi All,
So that means people who are already trapped .. please don’t listen to your QN IRs who took your presentation saying that you will get the product in 3 months, if you bought it and its less than 2 months … PLEASE cancel the order and get the charge back WITHIN 45 days… QN is really smart by delaying your delivery, and QN IRs are more smarter in fooling you !!!
For those who are just being approached by QN … STAY AWAY !!! 😉
RAG says
A new one:
We trust we have addressed your grievance in a fair and equitable manner and that the issue has been resolved to your fullest satisfaction. As part of regulatory requirements, we also mention that if you are not satisfied with our response, you may approach the Banking Ombudsman appointed by Reserve Bank of India.
Kindly log on to http://www.hdfcbank.com/common/customer_center.htm for details of the Banking Ombudsman Scheme – 2006 and procedure for lodging complaints.
RAG says
A new one:
We trust we have addressed your grievance in a fair and equitable manner and that the issue has been resolved to your fullest satisfaction. As part of regulatory requirements, we also mention that if you are not satisfied with our response, you may approach the Banking Ombudsman appointed by Reserve Bank of India.
Kindly log on to http://www.hdfcbank.com/common/customer_center.htm for details of the Banking Ombudsman Scheme – 2006 and procedure for lodging complaints.
RAG says
Friends,
Here is what i got as reply after repeated conersations through e-mail/telephone(HDFC CC):
As apprised in our earlier e-mail, we wish to inform you that in case of a dispute, we need a signed dispute letter for the transaction in dispute within 60 days from the statement date. The same is also printed behind the statement. Hence we are unable to accept the liability of the disputed transaction as 60 days have already lapsed since the transaction statement date.
Incase you seek further assistance or clarification please feel free to contact our Customer Service Executives at any of our 24 hour Call Center telephone numbers mentioned in the below URL.
http://www.hdfcbank.com/personal/cards/popup_ccnumbers.htm
Assuring you of our best service at all times,
Regards,
Mary Lopez
Customer Service Officer
RAG says
Friends,
Here is what i got as reply after repeated conersations through e-mail/telephone(HDFC CC):
As apprised in our earlier e-mail, we wish to inform you that in case of a dispute, we need a signed dispute letter for the transaction in dispute within 60 days from the statement date. The same is also printed behind the statement. Hence we are unable to accept the liability of the disputed transaction as 60 days have already lapsed since the transaction statement date.
Incase you seek further assistance or clarification please feel free to contact our Customer Service Executives at any of our 24 hour Call Center telephone numbers mentioned in the below URL.
http://www.hdfcbank.com/personal/cards/popup_ccnumbers.htm
Assuring you of our best service at all times,
Regards,
Mary Lopez
Customer Service Officer
pavan says
@ X-men and Chris,
This is email reply I got from ICIC customer care.
“Dear Mr. X,
With reference to our telephonic conversation and confirmation received, We regret to inform you that we already taken a request as per the revert of the request we inform you that the merchant had not reverted for the same. Since its Offtime we don’t have Charge back rights.
Sincerely,
Customer Service Officer
ICICI Bank Limited”
What to do now ? I have tried in all possible ways.
pavan says
@ X-men and Chris,
This is email reply I got from ICIC customer care.
“Dear Mr. X,
With reference to our telephonic conversation and confirmation received, We regret to inform you that we already taken a request as per the revert of the request we inform you that the merchant had not reverted for the same. Since its Offtime we don’t have Charge back rights.
Sincerely,
Customer Service Officer
ICICI Bank Limited”
What to do now ? I have tried in all possible ways.
Aarti says
@Vikram
vikram this time this bunch of people are coming to Dubai on 5th December and will again full innocent people in their racket, plz take a note of this, if you want I will provide you with their location where they are going to conduct this presentation, take a some drastic actions.
Aarti says
@Vikram
vikram this time this bunch of people are coming to Dubai on 5th December and will again full innocent people in their racket, plz take a note of this, if you want I will provide you with their location where they are going to conduct this presentation, take a some drastic actions.
Aarti says
Mohan
thanks a mil for this enlightining feedback, I always knew this company is nothing but a fraud, the first time I saw the presentation I knew its sheer waste of time, but unfortunately my husband who is invloved in this network is not understanding the whole real sitution of what he is doing and how much valuable time he is wasting on this stupid business, he refuses to see the reality, he is been convinced to do this malicious businees because of his sister’s persistence which is completely ruining my family life, I hope your accurate calculations will bring some sense into him to see the light of the day…thanks once again for all your efforts.