The Bangalore Police are investigating Adooye.com, which was selling a ‘package' that promised money for watching online advertisements and enrolling new members, in a classic money circulation scheme. The MLM, which reportedly collected over Rs600 crore has quietly shut shop and left over two lakh registered customers in the lurch
Adooye.com, (ADooye) a supposedly US based website, that was selling 'packages' with a promise to pay for watching online advertisements and adding more members to the network, has gone burst, say media reports. Some victims, who 'invested' crores of rupees have filed a complaint against the multi-level marketing (MLM) company at Bengaluru.
In June 2014, Moneylife had warned about the risky 'business model' of ADooye similar to other strings of MLMs like Speak Asia, Fanbox, Empower Network, QNet and other pyramid and Ponzi schemes.
According to Times of India report, Kreetam Associates, the litigation firm fighting on behalf of the victims, had filed a first information report (FIR) against ADooye and Bangalore police are investigating the case. "The company stopped paying returns in August around the time it was changing the website layout. The site closed down early September and the company doesn't exist anymore and there is no one to contact," Vasanth Aditya, managing director of Kreetam Associates, told the newspaper.
Quoting Vasanth, the report says, ADooye.com has collected over Rs600 crore.
Moneylife investigated this company when a worried reader wrote to asking to look into their credentials. Their website states that ADooye is founded by Australian Mathew Reichgruber and Alessandro Sen, and marketed by Delhi based AD Marketing. This affiliated marketing company, which operates like an MLM sold various 'packages' containing online advertisements, on viewing which the member was rewarded.
Apart from this, ADooye earned more income from selling various expensive 'packages', which were nothing but login access to view 10 advertisements daily for 140 days, to its registered members. They have had a built network with the help of paid members who generate web traffic, when even for showcasing advertisement they charge money from its members.
Here are comments from some of our readers on earlier article...
"Dear Friends, before joining in Adooye I had lots of query and discussion with the Leader at Bhubaneswar, Odisha and finally I was agreed when received a PDC cheque and put Rs2.5 lakh. After received only Rs20,000 now it is vanished. For that I communicated with Local police, Cyber crime and also send information thru mail to our Prime minister Narendra Modi by describing the MLM. We need to raise our strong voice which will put impact to this type of ****ards."
"My friends have lost almost 4 lakhs rupees investing on Adooye. We are still waiting for the payment don’t know when will we receive the money back."
"Again a company arise to loot innocent people’s money. Beware friends do not get involved in this MLM company and waste your money. Do not become greedy and invest your hard earned money in any MLM Companies. They will show you dreams and take away your cash and vanishes like SpeakAsiaOnline, Qnet India and many more to name...........BEWARE. Remember My Words. Control your Greed. Don't Become a Pray."
"Once again Hat's Off to Moneylife for bringing into the open another MLM which will only milk the late comers to pay off the earlier members."
Moneylife has written several articles on frauds that lure people by floating various MLMs and frequently warned investors that “If it looks too good to be true, it usually is.”
Amid a public spat between him and the Tata group, Pendse was removed as Tata Finance chief way back in 2001 after a company subsidiary ran huge mark-to-market losses and the group also filed criminal charges against him
Market regulator Securities and Exchange Board of India (SEBI) has barred Dilip Pendse, former managing director of Tata Finance, from markets for executing illegal transactions in stocks of four companies including Infosys and Tata Motors, erstwhile Telco. This high-profile case dates back to over 12 years.
The latest order, which has been passed after years of probe and various directions issued by SEBI itself and the Securities Appellate Tribunal (SAT) in between, prohibits Pendse from accessing capital markets for two years.
In the present order, SEBI said that the period of prohibition already undergone by Pendse (imposed by an earlier order on 24 December 2012) would be taken into account while implementing the new directive.
Amid a public spat between him and the Tata group, Pendse was removed as Tata Finance chief way back in 2001 after a company subsidiary ran huge mark-to-market losses and the group also filed criminal charges against him. While Pendse refuted all charges, which included those related to fraud, he also had to spend time in jail.
SEBI has passed the latest order after SAT on 16 April 2014 quashed SEBI’s 24 December 2012 directive against Pendse and asked the regulator to pass a fresh order “on merits and in accordance with law as expeditiously as possible and in any event within a period of six months“.
SEBI said it began its probe after receipt of a complaint in October 2002 from Tata Finance about Pendse conducting “illegal carry forward transactions in the scrips of Himachal Futuristic Communications Ltd (HFCL), Tata Engineering and Locomotive Co Ltd-Telco (presently known as Tata Motors), Infosys and Software Solutions India Ltd (SSI).
These illegal transactions were conducted by Pendse in complicity with two brokers — Jhunjhunwala Stockbrokers Pvt Ltd and Pratik Stock Vision — and on behalf of Inshaallah Investments, in which a Tata Finance subsidiary (Niskalp Investment and Trading) had a vital interest, according to SEBI.
After investigating the case, SEBI issued a show-cause notice in April 2009 to Pendse, citing violations to its Prohibition of Fraudulent and Unfair Trade Practices Regulations. An order was passed by SEBI subsequently on 24 December 2012, which was challenged by Pendse before SAT.
Following SAT’s directions earlier this year, SEBI said, it gave an opportunity of personal hearing to Pendse and has passed the latest order after looking into all the facts of the case and submissions made before it.
SEBI ruled that Pendse has violated various provisions of the PFUTP Regulations and the Securities Contracts Regulation Act with his illegal transactions in scrips of HFCL, Telco, Infosys and SSI.
Anti-depressants reduce feeding in starlings, contraceptive drugs slash fish population and male fish have been seen to be feminised thanks to oestrogen contamination…
Taking drugs mindlessly could have serious repercussions. First comes the well-documented adverse drug reactions (ADRs) that have been shown to be one of the leading causes of death in the West where they do routine audits. ADRs also produce wide spread morbidity, which needs to be treated as inpatients. It is estimated that 6.5% of hospital admissions in the National Health Service (NHS) in a small country like the UK is due to ADR. ADR costs the NHS £2 billion a year!
Compass, an audit body, estimates that "now is the time for a debate about costs and policies about which drugs the healthcare service can afford, as people are paying infinitely higher prices. Drug bill to the NHS now stands at £11 billion - for increasingly marginal rewards and higher risk from adverse drug reactions." But who cares? The profits from the top four pharmaceutical companies on the Fortune 500 are humungous.
What is now being increasingly discussed is how chemical drugs inflict dangerous long term environmental damages too. Vultures in India were virtually wiped out by the anti-inflammatory drugs given to cattle on whose carcasses they feed.
Synthetic oestrogens used in birth control pills almost killed the whole lot of fathead minnows in lakes in Ontario resulting in serious environmental ecosystem. A new research just published in the Royal Society Journal says a dangerous story. Potent pharmaceuticals in human and animal sewage could be the unknown cause of global wildlife crisis. Worldwide use of drugs, which are active even in very small amounts could have hitherto unknown consequences on the environment.
There are very few studies on the effect of drugs on wildlife. A new study shows that an anti-depressant reduces feeding in starlings and that a contraceptive drug slashes fish populations in lakes.
Kathryn Arnold, at the University of York, who edited a special issue of the journal Philosophical Transactions of the Royal Society B says that “given the many benefits of pharmaceuticals, there is a need for science to deliver better estimates of the environmental risks they pose. Given that populations of many species living in human-altered landscapes are declining for reasons that cannot be fully explained, we believe that it is time to explore emerging challenges, such as pharmaceutical pollution.”
Research published in September revealed half of the planet’s wild animals had been wiped out in the last 40 years. In freshwater habitats, where drug residues are most commonly found, the research found 75% of fish and amphibians had been lost. Male fish have been seen to be feminised thanks to oestrogen contamination of waters. Inter-sex frogs have recently been spotted in lakes contaminated by waste water. All in all, the drug menace on the environment seems to be threatening to explode as the next major environmental danger.
(Professor Dr BM Hegde, a Padma Bhushan awardee in 2010, is an MD, PhD, FRCP (London, Edinburgh, Glasgow & Dublin), FACC and FAMS. He is also Editor-in-Chief of the Journal of the Science of Healing Outcomes, chairman of the State Health Society's Expert Committee, Govt of Bihar, Patna. He is former Vice Chancellor of Manipal University at Mangalore and former professor for Cardiology of the Middlesex Hospital Medical School, University of London.)