While EOW of Mumbai police has registered cases against QNet, Speak Asia and MMM India, Maharashtra government has appealed investors and members of public to be cautious about such MLM, Ponzi and money circulation scheme operators
The Home Ministry (or home department) in Maharashtra has launched a campaign asking investors not to fall prey to money-circulation schemes launched by Ponzi and multi-level marketing (MLM) companies.
According to a report from Business Standard, the ministry had said investors are being lured and duped by several such companies and therefore, they have been alerted not to fall prey to tactics of Ponzi firms. Investors have been asked to cross check before investing in various schemes offered by Ponzi companies, the report says.
The state government had already enacted a law, Maharashtra Protection of Interests of Depositors Act (in Financial Establishments) (MPID) in 1999. The MPID offers relief to depositors who have been duped by non-banking financial institutions.
According to the report, investors can immediately file complaint in the local police if cheated by such companies or in case they notice similar incident involving others.
A senior official told Business Standard that the home department's appeal through advertisement to the investors and member of public in general is in the wake of recent arrests of persons involving ponzi companies and multi level marketing firms by the Economic Offences Wing (EOW) of the Mumbai police.
The EOW had registered cases against MLM companies such as QNet, Speak Asia and MMM India for allegedly duping thousands of gullible people.
The PIL alleged that misleading and superstitious content is being broadcast by the TV channels and there is no regulatory body to oversee it
The Supreme Court on Friday issued a notice to the union government and the Press Council of India (PCI) on a plea for setting up an independent mechanism to regulate content of television channels.
The bench passed the order on the PIL filed by NGO, Hindu Jagriti Samiti, seeking the intervention of the apex court in the issue.
A bench of Chief Justice P Sathasivam and Justice Ranjan Gogoi sought a response from the Information and Broadcasting Ministry (I&B) and the Law Ministry on a PIL. The petioner has alleged that misleading and superstitious content was being broadcast by the channels and there was no regulatory body to oversee it.
A for professional wealth managers who have a fiduciary duty to proffer correct advice but...