Michael Ferreira resigns as BSAM President

"The BSAM Managing Committee in its meeting held on 14th December 2013 unanimously accepted the resignation received from the President Mr Michael Ferreira," the release said.

"Vice president Mr Rajan Khinvasara will take over as President of BSAM and Mr Yasin Merchant take the place of the vice president," the release added.

Last week, Mumbai police had summoned Ferreira in connection with the Rs 425-crore scam allegedly committed by multi-level marketing (MLM) operator QNet. Ferreira is the founder of ‘Team Faith' that is involved in hard selling the QNet scheme across India and Egypt.