MLM companies try forex deals, commodities training packages to lure new members

Hyderabad-based Variety Consultancy promises 15% return on investment per month for buying its forex and commodities training packages

Even as multi-level marketing (MLM) schemes such as Speak Asia and Tycoon Empire International Ltd are under the regulatory scanner, numerous such schemes continue to target gullible investors. Despite their exposure by Moneylife and regulators coming down on them, several MLM companies are still trying to sell the forex income dream.

One such company is Hyderabad-based Variety Consultancy, which promises 15% income on the principal 'invested' for every month for 14 months, and is selling forex and commodities training packages. It also promises additional earnings on referrals—a typical trademark of any pyramid scheme.

The company sells training and educational products, which can be used to learn and trade in foreign exchange (forex) and commodity trading. Its basic package costs Rs10,000 which the company says helps to "develop an understanding of basic trading techniques and risk control." The 'Silver' package provides basic to advance training along with practical training on a live forex trading platform, costing Rs1 lakh, while the 'Golden' package costs Rs2 lakh. It claims that the 'Golden' package provides 80 plus forex training videos, daily training classes, live forex training in its chat room for one year and daily trade reviews and mobile alerts.  

Experts say that schemes promising such extraordinary returns work on unsustainable business models and are bound to collapse, giving investors a run for their money. In the past, companies such as Stock Guru India and Tycoon Empire, promising similar returns, have duped thousands of investors. In fact, Variety Consultancy has not mentioned where it would be investing the collected money. This raises more doubts on the scheme.

According to Variety Consultancy's scheme, on investment, you are eligible for 15% returns on the principal for 14 months, regularly. This is dubbed 'commission income'.

On getting more investors to invest in the same plan, the company guarantees 'referral' income. This is purely based on the number of references generated by you. As soon as any reference comes under you, then you will get 10% of the principal amount invested by the person being referred. Incidentally, there is no cap on the number of references under you.  

The catch here is that the income on the principal decreases as level of your down line increases. So in level one, you get 4% income of the principal amount of your down line, in the next level it comes down to 2%. This goes to level 25, where the income would be just 0.25%.

Strangely, the company also promises giving regular income on your down line for 14 months. Again the income decreases as the level increases.

Moneylife had reported on how websites providing "stock option tips" have been luring investors by promising them returns as high as 100%, on investing in options and futures. They have found the legitimate options & futures trading market of the National Stock Exchange (NSE) a happy hunting ground for their shoddy business. See: Websites providing 'stock-options tips': By all looks, another huge scam in the making:.

A few states like Kerala and Tamil Nadu have started to curb such MLM and Ponzi schemes. Market observers say that the appropriate regulator and other state governments should act on such schemes before they dupe investors.

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    COMMENTS

    Kris

    9 years ago

    Very serious allegation against Amway

    August 19, 2011 Manorma News TV Report.

    http://www.manoramanews.com/cgi-bin/MMOn...

    Wayanad Police Chief receives threatening letter.

    The S.P of Wayanad (KERALA) , Mr. Jayanath received a threatening letter yesterday. Though the letter admires him for his action against Money chain companies, he was threatened not to proceed with investigation against Amway. The letter asks him not to bite Iron as it would cause loss of teeth.
    The Police chief contacted the DIG and as per his advice a case has been registered. The Police have received clues about the origin of this letter and they have gone to Manjeri for enquiry.
    The Manorama news further says that though all the Network Marketing companies were proceeding with court cases, Amway was indulging in "pressure tactics" only.

    REPLY

    seema

    In Reply to Kris 9 years ago


    Amway knows very well that if they go to a court of law they won't get any relief. That is why they are indulging in pressure tactics only.

    Kris

    9 years ago

    Police conduct raid on CNI offices:

    Creative Network International

    [The national head quarters of the CNI is based at Bangalore and is controlled internationally from Malaysia.]

    The New Indian Express:

    http://expressbuzz.com/states/kerala/pol...

    REPLY

    kris

    In Reply to Kris 9 years ago

    MLM FRAUD - GREENCO SECURITIES

    WEBSITE VANISHED [WWW.GREENCOSECURITIES.COM]


    After the Police raid and sealing of Office, promoters of Thrissur (Kerala) based fraud MLM company are absocnding. One of the Chief promoters of this fraud company is the wife of a Policeman !

    (Ref: MATHRUBHUMI dated 20.8.2011)

    kris

    In Reply to Kris 9 years ago

    Money chain fraud

    L I S case

    More investigation Required: Police

    It is a 332 crore Money chain fruad says prosecutor to the court

    http://www.mathrubhumi.com/online/malaya...

    LIS CASE VICTIMS- Please do someting to get our money back

    http://www.consumercourt.in/investment/4...

    Efforts to suppress LIS case was one for the reasons for all the future frauds says ADGP Mr. Senkumar IPS

    http://www.thesundayindian.com/article_p...

    It was on May 11, 2006 Police raided LIS offices. Then Hindu report:

    http://www.hindu.com/2006/05/11/stories/...

    “Double your money in just seven weeks” can be one of the most luring captions and it worked wonders for the LIS Deepasthamabham project. The agency with its headquarters in Ernakulam succeeded in attracting more than 1 lakh investors until their office was raided and sealed by Investigation Officer T P Senkumar.

    http://ibnlive.in.com/news/big-fat-money...

    Kris

    In Reply to kris 9 years ago

    The New Indian Express Report

    Accused bribed top political party to derail LIS probe: Govt. to Court

    The accused in the LIS financial fraud case have paid an amount of 1 crore rupees to a leading political party through its newspaper unit to derail the investigation in the case. ………………………………………….

    Kishore N

    9 years ago

    MLM - FRAUD

    NANO EXCEL BRIBERY CASE:

    Govt accused of protecting corrupt

    THE FINANCIAL department of Kerala is trying to provide shelter to a commercial tax official against whom the vigilance court has ordered a probe, VS Sunilkumar, MLA, has alleged.

    http://www.cityjournal.in/Newspaper/2011...

    Sony

    9 years ago


    Why the Central Government is not coming up with stringent rules to curb these type of financial frauds ?

    kunwar

    9 years ago

    ha ha..khisiyani billi khambha nonche..LOLZ

    The Anna Hazare movement: Here are a few voices heard from an ear to the ground

    It is the middle class which is the most visible in the progress of this present movement. The invisible others, who have the strings in their hands, are getting increasingly frustrated

    One of the big questions doing the rounds with many of the ruling political and perception management classes in Delhi, as well as with a certain set of largely Anglophile pretenders, is—"how did we, or our in-house intelligence agencies—get it so wrong?" Certainly, there are honourable exceptions, two that I know of—Dilip Cherian, for one (who strangely enough does not seem to have been consulted by the Congress, although he handled their election campaign), and the abrasive Arnab Goswami for another. Both of them had their fingers on the pulse of the Nation, and declared it in advance, getting it right against the flow on various public forums.
     
    But most of the rest, including limousine liberals and elite media channels, were and are still largely sneering at matters. Till Anna Hazare pulled literally out of his Gandhi topi this most amazing series of checks and counter-checks leading to the eventual checkmate so brilliantly portrayed in a series of body language changes on the part of the ruling coteries related to the Tihar Jail episode. If there was anything that said it all, it was the way Ambika Soni looked soon after she came on television, at a point when the channels knew that Anna Hazare had refused to come out of jail—but apparently she didn't. Brave lady, at least she came in front of the camera—the rest simply vanished.
     
    However, semantics aside, the big question is—how did so many people who are supposed to be in the know of things, get this simple equation, staring everybody else in the face in the country, wrong? To try and answer that, a much longer article or maybe even a book or three on how information and intelligence is sourced might help. For now, briefly, some of the tried and tested methods do not seem to be working, in both fields—media and intelligence.
     
    What works, then? There are different methods for different people. For me, I find that not carrying a huge camera or pad and pen, and engaging people in conversation as another fellow traveller, seems to work much better now. People talk for cameras, period, so better not to carry a big one. And marrying that to intelligence obtained from trade sources, people who would normally never interact with media, but do because of other alignments. Which is what I have been doing over the past few days in Delhi.
     
    Some aspects, not brought out elsewhere, but relevant all the same, that emerged were:
     
    1)    The one group of people who have come out smelling of roses in this whole episode are the rank-and-file ground-level frontline staff from Delhi Police. The same people who were used in the Baba Ramdev fiasco, have been a totally different group when dealing with Anna Hazare's people, since they have seen themselves being used in this episode also. Talking with some of them, I found out, for example, that they had put the word out to all the petty criminals—pickpockets, bag-snatchers, and similar—to stay away from the Anna Hazare crowds. One reason, as explained to me, was that "Madam Bedi kee izzat ka sawaal hai" (The honour of Ms Kiran Bedi is at stake). The other was that they, too, are simply fed up of the way the country is being looted.
     
    2)    Here it is important to point out that there is a vast number of Delhi Police staff who are on PSO (Personal Security Officer) duties, or on deputation to other security agencies engaged in the protection of VVIPs. It is their role to try and be invisible, and as is often the case, those who they are supposed to protect often disregard their presence when they talk. This gets around in the barracks, eventually, and as a result nothing is a secret. While this was tolerated in the past to some extent, the loot has reached such high proportions, that even they cannot simply let their consciences go deaf, dumb and blind on these matters.
     
    3)    International events have not come to a halt just because of the fracas in India. If anything, in a world that is in more ways than one going rapidly in new directions mostly downhill, a certain amount of glee and satisfaction can be expected from those who would benefit from a weakening India. Bets are being laid that the success story hype around India, so often used as a ploy along with the development card, will have fully reversed itself in as little as three years from now. In other words, we shall, if we do not look out, be a country dependant as much on the neo-colonial supremacists as we might be on the oil sheikhs. Again.
     
    4)    Another not so small detail has to do with the continued absence of Sonia Gandhi and her family, the real possibility of legal Presidential sanction for taking forward Subramaniam Swamy's case on wealth held abroad by the Gandhi family, and the information that Julian Assange of WikiLeaks is apparently busy all over again reportedly negotiating with a variety of suitors on the purported information held by him about Indian origin money held in tax havens abroad. As a friend in the power broking business commented—the Pay Commission and the 'get work done' line of commerce is currently suspended.
     
    5)    Much is being said about "protecting democracy" lately, whatever that means, most of all by people who would gladly shut down all democratic options if possible. This is especially true in Delhi, where a vast legion of rent-seekers can see their income streams being disrupted. To quote once again from Amitav Ghosh's River of Smoke: "Democracy is a wonderful thing. It is a marvellous tamasha that keeps the common people busy so that men like ourselves can take care of all matters of importance. I hope one day India will also be able to enjoy these advantages." (Page 404, Indian edition).
     
    If anything, the ongoing spectacle surrounding Anna Hazare and friends in India simply proves, once again, that the chances of us missing the important issues of daylight robbery from India, may get lost once again in the "marvellous tamasha" of democracy. While it is the middle class which is the most visible in the progress of this present movement, it is actually the invisible others who have the strings in their hands, and they are getting increasingly frustrated.
     
    In the words of a very important spin doctor from Delhi on his Facebook pages —something's got to give. In Delhi tonight, after a day on the road when the most popular story was about how difficult it is now to court arrest, that's the mood. Enough is enough is the sentiment as expressed towards the politicians. Whether the same sentiment, with increased ferocity, will be swung against the movement itself if it does not deliver something tangible fast, is the real worry. The inertia is there, and the spin doctors have always been good at making small course corrections, enough to swing the same inertia against those who set it in motion in the first case.
     
    In brief—there is now a real fear that this movement will, if those behind it are not careful, be hijacked and used against them. And the stakes, globally, are high enough for ample resources to be provided to willing hands. There are enough advance warning signals to show that the strategy to ensure that the Anna Hazare movement implodes into itself is already underway. And the touchstone as well as barometer for this statement, as always, is in reading between the lines—on the ground.

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    COMMENTS

    Pramendra Gupta

    9 years ago

    Anna ji Please make shore that while voting on bill remains open that is every India can know who has voted in favor on the bill and who has voted against it so that the people may decide whom to vote and whom not to vote in next general election for Jan lokpalbill , and that list should be made public

    Thanks

    julius

    9 years ago

    The IB and other intelligence agencies are govt entities used to JI HAZOORI and sycophancy. No int agency can or will give a report contrary to popular political perception. The king is wearing clothes even if he is naked.

    M Prabhakar Rao

    9 years ago

    Protecting Democracy doesn't mean strangulating the dissenting Voices.

    To voice in favour of changes in a Bill pending approval of the Parliament is the birth right of every citizen.

    Till their Representative vote on a bill, every constituent has an inherent right to press for his views to be heard, on that bill, which again is not against Parliament.

    Only fascists would brand this voicing of dissent is against the Government or the Parliament or against the Constitution.

    God save the blind & deaf, who cannot see or hear the voices of their own people!

    RNandakumar

    9 years ago

    A very down-to-earth article garnering information in a very practical way so that true reflections only come out. Anna has infact simplified the work of the Centre. Mow the mood of the public without any exit-poll is now available to it. Now the responsibility to prevent this mood reching an explosive point solely rests with the Centre. All that MPs of all hues should do is to say " Yes" to the agreeable bill( that is to both the public and the MPs)
    as they would for a rise in their remuneration.

    Kishore N

    9 years ago

    UP FOR ANNA: Kerala State Human Rights Association chairman Sreedharan Therambil observing satyagraha on one foot in front of the corporation office in solidarity with Anna Hazare's anti-corruption movement, yesterday.
    See Photo:

    http://www.cityjournal.in/Newspaper/inde...

    B Rajaram

    9 years ago

    Very thoughtful analysis is this piece of writing. While the emotional uplift every one experiences on the 15th August was effectively leveraged by the planned confrontation on the 16th August, making a huge impact on the country, now to take it forward to a logical conclusion, will be the challenge. Anna camp should make it crystal clear that Parliament is supreme and so the draft bill of Jan Lokpal should as it is be placed on the table for MPs to debate. The true colour of our politicians will be visible then. The argument that the same Lok Pal cannot be the investigator as well as adjudicator. Secondly, the Cost of creating such huge infrastructure becoming a parallel government has some merits. To counter these objections, Anna team should demand a simple provision in the ACT that, while issuing every government order, the background file noting leading the order also should be made available as authenticated web image files ,valid for legal usage. Then any complaint, the Lok Pal will get all the basic documentation readily, to review and establish the irregularity, which is enough to declare the order as bad in law and set it aside.The scheming Minister or the Politician gets stopped in tracks. When Parliament does not work in secrecy and Judiciary too works openly, it is not understood why bureaucrats hide their reasons and files for the way they act. This way the Lok Pal need not have investigative wing-- they will have the ready documents to act upon. They will not need prior permission to prosecute etc is fine.The bureaucracy cannot say it is impractical, because, scanning and posting file pages in zip format on central document server is not a big deal today. Then during the process of finalising their decision, they certainly can keep the file secret, but not after issue of the resultant order in public domain. Secret working with secret orders can continue to remain secret so long as it does not have impact on public domain affairs. Thus Lok pal in each state gets reduced to a mere Tribunal scale organisation, small but effective to really control corruption even before it occurs. The RTI Act can then be repealed too. It becomes superfluous. Too many activists are getting killed when truly uncomfortable information is sought. Wish we make the Lok pal simple but effective. Else it will be lost in a huge bureaucratic tangle.

    REPLY

    malq

    In Reply to B Rajaram 9 years ago

    Rajaram ji, thank you for writing in and also a very considered response. I do think you should forward your suggestions in a letter to the PMO, and then subsequently file an RTI Application asking PMO what they did with your letter to them (they usually forward it to the relevent authorities). That could, then, be the base for a further series of follow-up RTI Applications. The progress or lack thereof by the authorities could also be made public on the internet by you.

    Please keep me advised of this, if possible?

    Thank you and warm regards/VM

    B Rajaram

    In Reply to malq 9 years ago

    Thanks. An excellent suggestion -first write to PMO and then follow up with RTI. It is a good way to go. I mostly live in USA and come to India for hardly three to four months. Retired guy doing some research. I sent these suggestions to Kiran Bedi, Kejriwal also. As a bureaucrat knowing inside games of my brothers, they will kill theis Bill using the information over load. I am worried Kiran Bedi too is falling in that trap. Systemic structure helps not individuals. Even if you choose aless than perfect man to head as Lok Pal or PM, the moment the file and order are public every citizen becomes a Lok Pal!! I have been saying this for last six months. Even Civil Society members are not listening.If this moment created by Anna is lost, and we end up creating a huge bureaucratic tangle called Lok Pal we are doomed. That is what Government will do. We will then have to await another Anna for the next half a century. PRAY do some thing. Move RTI with this suggestion as you say..but reach Anna with this suggestion to get it incorporated. That is more critical.

    Implementation safeguards against notorious agents are an imperative for the proposed microfinance bill

    While macroeconomic changes are essential to iron out the chinks inherent in the industry, a close look is needed to look at the ground realities and the current agent-led decentralised microfinance model

    As policymakers are trying to solve the Indian microfinance regulatory puzzle, let us look at a specific field-level problem that led to the present microfinance crisis and ask the question as to how the bill will prevent such occurrences in the future.

    Let me start with the 'agent' led decentralised microfinance model. Many people have brought up the aspect of broker agents driving Indian microfinance but their (loud) voices seem to have fallen on deaf years. Several stakeholders including regulators have not even taken cognisance of this (serious) agent phenomenon. Further, more often than not, industry experts describe any such aspect brought up as just an aberration. They are however sadly mistaken, as agents seem to be becoming more of the rule than the exception, based on what I have been observing at the ground level since 2005/6.

    The attached emails (Dated January 2011), in circulation among MFIs, inadvertently reached the mail box of this writer and they clearly articulate what I have been saying all along about the increasingly widespread use of agents in Indian microfinance, perhaps to turbo-charge growth, create efficiencies, increase profits and the like.

    As the first email suggests, this seems to be the story of (agent/ring leader) Ms Eshwari of Kulithalai in Tamil Nadu. At one level it appears to explain the context in which Ms Eshwari operated. In the meantime, it is also indicative of her representation to the district administration that she is being coerced (by MFIs) into making repayments. The 2nd email is a clear admission by MFIs about the havoc being caused by agents on the ground all over Tamil Nadu.



    I keep hearing of other notorious members in Vellore District in Tamil Nadu (where the MFIs have run into a lot of problems recently)-Jayalakshmi and Nagalaksmi-who also double up as agents. I can provide similar stories from other states as well. Further, other stakeholders like N Srinivasan (Author of State of The Sector Report) and Micro-finance Focus (MF) have also made a mention of these agents. Mr. Srinivasan noted in the State of the Sectori  Report (2010),

    "As in the example from Karnataka, MFIs in other states too have tended to concentrate around the same towns and peripheries, serving the same set of households. The deluge of availability of loans from several institutions has led to multiple borrowing and, in some cases, excessive debt. The pressure to achieve performance targets and breakeven within a short period of time has pushed the relatively new staff of MFIs to look to centre leaders who are in the know of MFI operations. These centre leaders have become a critical rallying point and are today termed as 'ring leaders: In state after state (Madhya Pradesh, Rajasthan, Orissa, West Bengal, Andhra Pradesh, Karnataka and Tamil Nadu), stories abound of how ring leaders informally register new customers promising loans for a fee. Most new MFIs setting up operations in such areas approach these centre leaders as an easy and natural entry point. This provides the necessary influence to the ring leaders to deliver on the promise made to several registrants for loans. The centre leaders are also in a position to obtain loans in the name of others, advantageously using the relative unfamiliarity of new field staff and new MFIs. The resultant ghost loans have a tendency towards default. The clients that pay the registration fee in order to get a loan feel justified in holding up repayments. This behaviour has an adverse effect on repayment rates and necessitates stronger recovery efforts. Some MFIs (including those in the list of top 10) had to wind down operations in some pockets of states such as West Bengal, Chhattisgarh, Rajasthan and Maharashtra without making an attempt to consolidate."

    Likewise, Micro-finance Focus writes (Dec 22, 2010),   

    "Moulding business models to meet their growth targets, some of the largest microfinance institutions are using group leaders as interface agents between borrowers and loan officers. Popularly called as 'Ring Leaders', these agents are responsible for conducting meetings in their premises and collecting weekly repayments from the borrowers... Borrowers of microfinance institutions in townships of Mehndipatnam, Begumpet and Dilkhushnagar of Hyderabad (capital of Andhra Pradesh) told the microfinance focus team that now these ring leaders have become a major cause of distress for them. The principle of 'Know Your Customer' is one of the keystones around which microfinance practices have been evolved. However, with the introduction of the 'ring leaders' into the process, it seems that this essential requirement of lending is being compromised. The end borrowers interact with the ring leaders who maintain their passbooks and repayments. The loan officers, in turn, collect these from the ring leaders, reducing the amount of their interaction with the borrowers to almost neglible levels. Another disturbing practice which came to light was the charging of 'membership fees' by the ring leaders from the borrowers to join an MFI group. Ranging in the amounts of Rs300-Rs500, these membership fees are over and above the interest paid to service the loan. This fee was pocketed entirely by the ring leaders and is their 'commission' for allowing a prospective borrower to be part of the group. "Ring leaders have become a major cause of distress for us but as we need money and don't have any better sources, we give in to their demands," one of the borrowers said." As Microfinance Focus further writes, "in the last few years of unbridled growth, the MFIs have been guilty of compromising on processes to achieve their targets. However, given the current circumstances where the entire microfinance sector is being subjected to a minute regulatory examination, it is high time that the MFIs undertake a thorough introspection and attempt to correct the flaws which have crept into their processes."ii

    Ok, so where does all of this lead us? As we go along, we are bound to see the agent problem cropping up in more places and states. Therefore, it is about time that we stopped pretending that there are no agents. The truth of the matter is that there are large numbers of agents who have been (and are perhaps being) used to turbo charge the growth of microfinance and they are turning into Frankenstein's monsters created by the MFIs themselves and they now need access to more and more loans to make their existing repayments. It is much like the famous Eaglesiii  song, "Hotel California" which goes 'You can check out any time you like, but you can never leave'—the same applies to most MFIs today. That is why you are seeing the microfinance crisis in states (other than Andhra Pradesh) like Tamil Nadu, as the earlier email suggests.

    In fact, I see agents as the major cause of the present Indian microfinance crisis and I strongly feel that the proposed bill should prevent their nefarious operations as otherwise, the end user clients will never be known. In my opinion, the agents are all pervading and powerful and they get clients for MFIs and they can make clients disappear from an MFI's horizon and put these clients onto another set of MFIs. They (can) stop client repayments. They indulge in coercive collective practices as many of them have backing of thugs and criminals (locally). Once created by the MFIs in search of fast growth and greater efficiency, they are now turning out to be the bane of Indian microfinance and yet, we have many stakeholders pretending that agents do not exist. Therefore, it is about time that Indian microfinance wakes up and deals with them in a swift and strong manner and I hope the proposed bill will take the lead in ensuring this.

    Without question, the bill must tackle the agent problem directly by building appropriate safeguards in its implementation. While it is tempting to postpone implementation arrangements, the success of the bill as a legal framework will fully depend on the implementation arrangements (to be employed) and therefore, it needs to be addressed in a transparent manner, right now. Otherwise, the bill will merely remain a document of good intentions and that takes us right back to square one. Hence, adopting a hands-off approach to the rapidly prevalent agent problem is not an appropriate option at all and it is perhaps akin to waiting for a time bomb to explode. I really hope that this is something that the various authorities, involved in drafting the microfinance bill, will not permit.


      iSource: Quoted from Microfinance in India State of the Sector Report, 2010, by N. Srinivasan, Sage Publications
      iiSource: Quoted from http://www.microfinancefocus.com/content/big-league-microfinance-institutions-using-group-leaders-agents
      iiiRock band

    (The writer has over two decades of grassroots and institutional experience in rural finance, MSME development, agriculture and rural livelihood systems, rural/urban development and urban poverty alleviation/governance. He has worked extensively in Asia, Africa, North America and Europe with a wide range of stakeholders, from the private sector and academia to governments).
     

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