In order to cut the hassle, I am going to discuss below some of the countries it has been banned from and the reasons behind this shutdown. Please feel free to check the references for further details.
1. Afghanistan (2008)
2. Rwanda (2009)
3. Iran (2005)
4. Sri Lanka (2004)
5. USA & Canada (2008)
6. Syria (2009)
7. India (2010)
*Dates indicate the year Quest was banned/shutdown.
For the following reasons:
Afghanistan
· QuestNet worked in the country without a legal license from any governmental Ministry of Administration. · QuestNet activities has damaging effects on the people and the country including: 1. Huge economic loss of the country. 2. The outflow of foreign currency outside the country. 3. Economic loss of families joining the business. · General export/import licenses for individuals DO NOT authorize pyramid activities.
Rwanda
· Government believes Quest Net is illegal and fraud. · Quest Net DOES NOT follow the companies and tax laws imposed by the country. · The National Bank of Rwanda (BNR) believes that Quest is operating under a pyramid scheme and could be involved in money laundering. · Quest IR representatives declare that they do not need an office because it’s an e-commerce business, which contradicts the Companies Act of Rwanda that it is COMPULSORY to register the in the Registrar General’s office. It only takes 7 days to register a business. · Income tax by individuals is not reported. · QuestNet use of illegal commercial transactions. · Individuals joining QuestNet destabilized the status and welfare of their families. · The outflow of the money is distributed outside the country in uncontrolled and unsupervised ways. · Government accused QuestNet of sending $500,000 out of the country untaxed.
Iran
· Gold Quest is described as a pyramid scheme and a form of fraud and deception. · Gold Quest was banned in 2005. · Gold Quest agents has been arrested in Iran at the Imam Khomeini International Airport (IKA) in 2009. · GoldQuest has led to the outflow of half a billion dollars outside of Iran. · Anyone who participates on those companies is legally responsible and disturbs the economy of the country.
Sri Lanka
· Sri Lanka banned pyramid schemes and network marketing to encounter Gold Quest and Quest Net. · Pyramid schemes in Sri Lanka has led to the outflow of $50 million. · Since many investors borrow to invest, they resulted in great debt. · The Central Bank of Sri Lanka warned for the damage it can hit the country for the outflow of the money without any corresponding return of goods or services of the same value. · Pyramid schemes target poor countries because they are more attracted to the promised high returns and thus so hard to resist.
USA & Canada
· Canada regulators declare that Gold Quest is both a classic Ponzi scheme and Pyramid scheme. · Gold Quest raised US$29 million from 2940 investors. · The Securities and Exchange Commission accused Gold-Quest of cheating US and Canadian citizens.
Syria
· QuestNet in Syria collected millions of Syrian pounds, shutdown their offices and disappeared from the country without any prior warning.
India
· The Central bureau of Crime Investigation Department (CB-CID) has filed a charge against Gold Quest. · 265,757 IRs has been cheated from all over India.
Some people will argue that Gold Quest is not the same as QuestNet and therefore I invite you to check this: Proof for “QuestNet” and “Gold Quest” belongs to same group of company… [13]
Haven’t you wondered why QNet changed its previous name Quest and its domain from http://www.quest.net to http://www.qnet.net ?
According to the above information, it might be concluded that the domain name has been changed for the following reasons: 1. It was banned under the name Quest. 2. Potential victims will search for QNet not Quest on the Internet and government directories for further information and therefore will not find complains under the name of QNet.
Case Study: Effect of Pyramid Schemes on Albania
· 2/3 of the population participated in pyramid schemes. · The country was bankrupted. · When the scheme collapsed, the government fell and a near civil war resulted in the death of 2,000 people.
Reasons Pyramid Schemes grew in Albania:
· People’s unfamiliarity with financial markets. · Deficiencies of the Albania’s formal financial system. · The government’s unclear supervision of the responsibility of handling informal markets.
We should be able to learn from the mistakes of other countries in order to avoid falling in the same pitfalls and result in similar misfortunes.
Qnet or QuestNet has badly affected the above countries. The network is still spreading in Egypt. The question remains: Do you still want to join Qnet?
References:
1. Afghanistan: Ministry of Communications and Information Technology Islamic Republic of Afghanistan
2. Rwanda: Rwanda: QuestNet Banned
3. Rwanda: Banned QuestNet sends global delegation
4. Iran: Key GoldQuest members arrested in Iran Airport
5. Iran: Iran busts more pyramid scammers
6. Sri Lanka: Indian Quest Net/Goldquest victims flock to police: report
7. Sri Lanka: Sri Lanka reins in pyramid scams
8. USA & Canada: Canada regulators say Gold-Quest a Ponzi scheme
9. USA & Canada: Gold-Quest owners face fines, jail time if assets not surrendered
10. Syria: سورية: كويست نت احتالت على الناس بمئات الملايين واختفت
11.India: Multi-crore Gold Quest scam case SC hearing on February 26
12. India: Gold Quest Case: Supreme Court orders notice
13. Proof for “QuestNet” and “Gold Quest” belongs to same group of company…
14. Albania’s Case Study: The Rise and Fall of Albania’s Pyramid Schemes