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Forex Dhamaka, yet another MLM company that promises easy income through forex trading

The company promises forex training, which it says will help earn easy income through forex trading. Some time back, the RBI had warned people not to invest in another similar company by the name of Forex Achievement

Forex trading is the latest area where scamsters are targeting gullible investors, again promising easy income. Forex Dhamaka is one such company providing forex training and as is the case with a typical multi-level marketing company, this company too promises referral and bonus income.

According to Forex Dhamaka, a person pays Rs6,999 to attend the training package.

Once he begins the training, he could recommend the programme to others, thus becoming a team member which entitles him to referral income.

Surprisingly, the company's website has no information about the details of such a course, the teaching method, and so on.

Market experts say that such companies providing forex training packages, with the promise of extraordinary income through forex trading, are mushrooming rapidly.

Recently, the Reserve Bank of India issued a clarification stating that there is no company by the name of M/s Forex Achievements registered under the Companies Act, 1956, and it cautioned the public that the company and its website was a fabricated entity, and people should not deposit money with such unincorporated bodies.

Forex Dhamaka says that if a team member introduces the training package to two people, and any one among them introduces one more member, then the original team member will get referral incentive, which is calculated on pair value (PV) on the basis of left and right side. 50PV is allotted for every referral and one PV equals to Rs10.

But there is a catch. To qualify for the first referral incentive a team member should have 150PV with a minimum 50PV of both sides of the tree. The sales cycle closes by the midnight of every Monday and 10,000 PV is the maximum payout every week for team members, which equals to 100 pairs.

Interestingly, it mentions that if required, trimming and stimulation would be applicable. Further, once a team member gets his first referral income, he will get 100PV for referrals on both sides. But every team member has to renew his ID every year to continue to receive such incentives.

Forex Dhamaka also promises spill bonus income and royalty bonus. Spill bonus income would be given after a team member refers two direct members on each side, and a third referral will be considered as spill. Then there is royalty income, which is given when a team member forms 256 members on both the sides. It is calculated on a monthly basis.

The company also promises performance bonus income up to 12 active levels. So, for level one, there is a performance bonus of 12%, which eventually comes down to 2% on level 12. It is interesting to note that there is a processing charge of 5% for referral, spill and royalty income and a 10% charge on bonus income.

A Moneylife reader said that she had been introduced to Forex Dhamaka by a friend, who asked her to invest a minimum of Rs12,000, which includes signal providing software and training. She was also told that such schemes are ideal for housewives, who by spending two hours, can earn Rs1,000 daily. The reader was told that she could trade only according to the signal to get the amount, and that Forex Dhamaka is tied up with Angel Broking, where she can open a demat account.

Interestingly, there is no information about any such tie up between Forex Dhamaka and Angel Broking on the MLM company's website. Even, Angel Broking, in an email reply had denied any association with Forex Dhamaka. It said, "Angel Broking, would like to officially deny any association with the mentioned entity (Forex Dhamaka)."

Experts point out that teaching forex trading requires dedicated time and expertise and such easy method instructions is suspicious. The company's business model is similar to most MLM schemes which have always given investors a run for their money.

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COMMENTS

rajesh

4 years ago

another fx fraud cnsinvest.com they take money and denial withdrwl operatd by some brahmbut

rajesh

4 years ago

Interesting read,another company spreading wings in collecting cash payments and denying withdrawls cnsinvest.com,which is a bucket shop operated by some Brahmbat

Kishore N

5 years ago

NANO EXCEL MLM FRAUD

ACTION COUNCIL WEBSITE

http://www.nanoexcelactioncouncil.net/

keke

5 years ago


MLM is against traditional Christianity.

MLM is un-islamic.

MLM is against the Hindu ethos

MLM marketing techniques are based on American evangelical pedagogies.

REPLY

Sajjan

In Reply to keke 5 years ago


Despite their reality-inverting external camouflage, internally 'MLM' cults have been a perversion of traditional Christian beliefs and those of fraternal secret societies.

http://corporatefraudswatch.blogspot.com...

Kishore N

5 years ago



Andhra cops’ antics miff Kerala police team

Kerala police has complained that the Andhra police tried to mislead it and also attempted to help the Nano Excel MD and the main accused in multi level marketing fraud case, Harsh Madinini.


Read DECCAN CHRONICLE:

http://www.deccanchronicle.com/channels/...

REPLY

Kishore N

In Reply to Kishore N 5 years ago


Prime accused in Nano-excel fraud case remanded

http://2011keralaelectionresults.blogspo...

Kishore N

In Reply to Kishore N 5 years ago

MLM dupes poor, police silent?

http://www.crimenews.co.in/mlm-dupes-poo...

Kishore N

5 years ago

MLM Fraud ---- DXN & NANO EXCEL MADHYAMAM NEWS PAPER EXPOSES DXN - MADDINENI NEXUS and MALAYSIAN MUSHROOM (Ganoderma lucidum) Fraud Maddineni knew that people of Kerala would easily fall prey to cheats. That is why he introduced his Nano Excel Fraud to Kerala. Some years ago he defrauded them in the name of \"Malaysian Mushroom\". These mushrooms are available in Kerala itself especially in Wayanad district. He marketed products based on this mushroom as “magic medicine” in Kerala some years ago. This Mushroom is known as \"marakkoon\" (Ganoderma lucidum) in Kerala. Maddineni WAS ONCE THE REGIONAL MANAGER OF DXN.All DXN offices (http://www.dxn-india.com/) in Kerala are now closed by the Police.

Vikas Gupta

5 years ago

MLM Schemes in Forex Trading is not the latest Frauds. INSTANT FOREX has taken more than 17,000 for a single ID & is not paying single penny to its Depositors but no Legal action has been initated till date.

kris

5 years ago



Why the government is sitting silent on MLM fraud cases?

Land Acquisition Bill introduced in Lok Sabha

The proposed bill provides for just and fair compensation and makes it compulsory for consent of 80% people of any area where land is to be acquired for developmental purposes

New Delhi: The government today introduced in the Lok Sabha a bill that provides for just and fair compensation and makes it compulsory for consent of 80% people of any area where land is to be acquired for developmental purposes, reports PTI.

The much-awaited Land Acquisition, Rehabilitation and Resettlement Bill, 2011, was introduced by rural development minister Jairam Ramesh after making some changes in its earlier draft. The proposed legislation will replace a more than century old Act.

Mr Ramesh said the adverse impact on affected families-economic, environmental, social and cultural-must be assessed in participatory and transparent manner.

The final version of the bill, prepared after pre-legislative consultation with various stakeholders, clearly states that multi-crop irrigated land could be acquired "as a last resort measure".

The first draft had said the government did not envisage acquiring "any multi-crop irrigated land" for public purposes.

"To ensure food security, multi-crop irrigated land shall be acquired only as a last resort measure," says the bill.

It also proposes to develop an equivalent area of cultivable wasteland, if multi-crop land is acquired.

The bill also says only rehabilitation and resettlement provisions will apply when private companies buy land for a project-more than 100 acres in rural areas, or more than 50 acres in urban areas.

'Public purpose' has been comprehensively defined, so that government's intervention in acquisition is limited to "defence, (and) certain development projects only".

"It has also been ensured that consent of at least 80% of the project affected families is to be obtained through a prior informed process," Mr Ramesh said.

The bill also proposes to include provision for creation of a land bank in states to keep the acquired land with it if it is not used in 10 years by the concerned party.

Provision in the first draft was to return the land to original owner if it was not used in five years for the purpose for which it is acquired.

"Land that is not used within 10 years in accordance with the purposes, for which it was acquired, shall be transferred to the state government's land bank," says the statement of objects and reasons of the bill.

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