Coronavirus Scammers: MLM Distributors Touts Nutritional Supplements as Prevention for Coronavirus
Tranont distributor touts MLM's nutritional supplements as a prevention for the Coronavirus.
 
“If China Couldn’t contain the Coronavirus do you think Hawaii can?” a distributor for Utah-based nutritional supplements MLM Tranont and Hawaiian resident poses to members of a “Health & Wealth Community” Facebook group. “Hell No!!! I’m not listening to our CDC or State!! You kidding me!! Am I scared?? NO!! I’m just being REALLLLL!!!!!”
 
The fear factor around the Coronavirus is high. But this is awful advice. If you are torn between listening to what the CDC says about the risks associated with the Coronavirus and what a supplement company says, definitely go with the CDC, though you should be wary of emails claiming to be from the CDC, the FTC warns.
 
The Tranont distributor’s Facebook post goes on to recommend taking the company’s supplements (such as the product pictured) to protect your family from the virus, which has killed more than 1,300 people from China’s Hubei Province but is not currently spreading in the community in the United States, according to the CDC.
 
“ARE YOU COVERED? HOW ARE YOU PROTECTING YOUR OHANA (FAMILY?) ARE YOU PREPARED? DON’T WAIT! DO SOMETHING!!”
 
The Tranont distributor then provides a link to order Tranont products on her distributor page.
 
If you see ads touting prevention, treatment or cure claims for the Coronavirus, we’d echo the FTC’s advice: “Ask yourself: If there’s been a medical breakthrough, would you be hearing about it for the first time through an ad or sales pitch?”
 
Find more of our coverage on MLM health claims here.
 
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    Govt Notifies Rules for Banning Ponzi Schemes, Unregulated Deposits under BUDS Act
    The ministry of finance has notified the Banning of Unregulated Deposit Schemes (BUDS) Rules, 2020 from 12 February 2020 that provide for a comprehensive mechanism to tackle illicit deposit taking activities and Ponzo schemes, says a report from LawStreetIndia.com, the corporate law portal of TaxSutra.com.
     
    The Banning of Unregulated Deposit Schemes Act, 2019 was notified on 21 February 2019, for providing a comprehensive mechanism to ban unregulated deposit schemes, other than deposits taken in the ordinary course of business, and to protect the interest of depositors. The Bill was introduced in 2015 as Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill. 
     
    The BUDS rules define the term 'competent authority' as an authority appointed by the appropriate government under Section 7 of the BUDS Act, according to which the authority has the same powers as vested in a civil court under the civil procedure code (CPC) while conducting investigation or inquiry in respect of offences under the Act.
     
    For provisionally attaching a deposit-taker's property, the competent authority would consider any complaint against the promotion or operation of an unregulated deposit scheme, whether the complainant is a depositor in the said unregulated deposit scheme or not, the rules say.  
     
    However, to make the attachment absolute, the competent authority will have to file an application before the designated court. The rules also outline procedure to be followed by the designated court, and lay down the material to be searched by the officer-in-charge of a police station for investigating into any offence under the BUDS Act.
     
    The rules further state that the designated authority would operate a central database to the public, containing information relating to deposit-takers, including a list of deposit-takers operating in India, the extent and areas of their operation. 
     
    Importantly, as per the rules, the government can direct any newspaper or publication to a full and fair retraction, unequivocally withdrawing any offer, promotion or inducement made earlier in any advertisement, statement or information.  
     
    "The Government shall direct the owner of any newspaper or other publication of any nature either in print or in electronic form, to publish a full and fair retraction, unequivocally withdrawing any offer, promotion or inducement made earlier in any advertisement, statement or information to any person to become a member of any Unregulated Deposit Scheme," the rules say.
     
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    ED move in Rose Valley case spells trouble for Shah Rukh Khan's wife Gauri
    What could spell trouble for Bollywood superstar Shah Rukh Khan's wife Gauri Khan and actress Juhi Chawla's husband Jay Mehta, the Enforcement Directorate (ED) has attached Rs 70 crore bank accounts of Knight Riders Sports (KRSPL) and St. Xavier's College, Kolkata, and others in connection with the Rs 17,520 crore Rose Valley chit fund scam probe.
     
    A senior ED official said the agency had attached properties of various companies and individuals who received funds from the Rose Valley Group. Rs 16.2 crore bank accounts of Multiple Resorts, St. Xavier's College and KRSPL have been attached under the Prevention of Money Laundering Act (PMLA).
     
    With the recent attachment, value of properties seized in the Rose Valley Group cases has reached around Rs 4,750 crore. 
     
    St. Xaviers College and KRSPL had received payments from the bank accounts of the Rose Valley Group, the official said.
     
    Besides Gauri Khan and Mehta, Venky Mysore is also one of the directors of KRSPL. Mysore is also the CEO of the Indian Premiere League (IPL) team Kolkata Knight Riders (KKR), owned by Red Chillies Entertainment and promoted by Shahrukh Khan.
     
    In October 2019, the ED questioned Mysore as the Rose Valley Group had sponsored the IPL team for two years. 
     
    It had also questioned Shahrukh Khan in 2015 in connection with the alleged Foreign Exchange Management Act (FEMA) violations in selling around five million KRSPL shares at an undervalued rate to Mehta.
     
    During the ED and the Central Bureau of Investigation (CBI) probe into the Rose Valley Group scam, several prominent Trinamool Congress (TMC) leaders, including Sudip Bandopadhyay (MP) and Tapas Pal (MLA) have been interrogated, arrested and jailed. Bandopadhyay and Pal are on bail.
     
    The ED has also questioned many Bangla movie personalities, like Rituparna Sengupta and Prosenjit Chatterjee for acting in films funded by Gautam Kundu, Rose Valley Group promoter and Director. Kundu, arrested in March 2015, is in judicial custody.
     
    Besides the bank accounts, the ED has also attached 24 acres of land at Ramnagar and Mahishdal in the Purba Mednipur district of West Bengal, one acre land at Jyoti Basu Nagar in Kolkata, one flat at Dilkap Chambers in Mumbai and one hotel of the Rose Valley Group.
     
    The ED had registered a money laundering case in 2014 on the basis of FIR filed by the West Bengal Police and the CBI against the Rose Valley Group of Companies. The Rose Valley ponzi scheme was unearthed in 2013. 
     
    The group allegedly floated 27 companies to run various schemes and collected Rs 17,520 crore from depositors in West Bengal, Assam and Bihar.
     
    During the probe it was found that the Group collected more than Rs 17,520 crore from people across India by luring them to deposit funds on the false promise of high return/interest. Of this, Rs 10,850 crore was refunded. The remaining Rs 6,670 crore is unpaid, which constitutes the proceeds of crime.
     
    Earlier the ED had identified and attached under the PMLA Rs 4,680 crore properties, which included several luxurious resorts, hotels, vehicles, flats, lands, gold and jewellery.
     
    The ED has filed multiple charge sheets in the courts in Kolkata and Bhubaneswar in this case.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COMMENTS

    Ramesh Poapt

    3 weeks ago

    will the truth prevail or will go to dustbean?!
    there may be many more like the above.

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