MLM / CHAIN MONEY


The Enforcement Directorate (ED) said on Thursday that it has attached assets worth Rs 31.63 crore of eBiz.com and its directors in a pyramid style, multi-level marketing fraud case.   An ED official said that the assets have been attached under the provisions of Prevention of Money...

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Punjab police in Roopnagar district has arrested five persons for cheating a hotel-owner on pretext of doubling the money in few days.   SSP of Roopnagar/Ropar Akhil Chaudhary said to media, accused Ikshit of Sirsa and Ankit from Bhiwani and Gurpreet Singh, Sachinpreet Sindhu and...

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Yogesh Sapkale Yogesh Sapkale 03 March 2021
Despite repeated warnings from the regulator as well as from Moneylife, the gullible investor continues to fall prey to get-rich-quick frauds. The latest to join the long-long list of such Ponzi or money circulation schemes is Oksome.in, promoted by one Omnicom group that operates its scheme...

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IANS 23 December 2020
The Enforcement Directorate (ED) on Wednesday said it has arrested three promoters of the Agri Gold Group of Companies in a Ponzi Scheme Fraud Case worth Rs6,380 crore.   Those arrested have been identified as Avva Venkata Rama Rao, Avva Venkata Seshu Narayana Rao, Avva Hema Sundara...

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Moneylife Digital Team 07 October 2020
Mumbai-based Emex Fundamental Tradez Marketing International Pvt Ltd (Emex FTM) is the new entrant in the world of money circulation schemes that promises exaggerated assured returns on increasing new recruits in binary mode. While Emex FTM's website shies away from providing any information...

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TruthInAdvertising.org 17 September 2020
When promoting the business opportunity, multilevel marketing (MLM) companies and their distributors should generally avoid making any income claims. Why? Because most MLM distributors make little to no money, and touting the possibility of making bank is just plain deceptive.   The

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IANS 11 September 2020
Two persons have been arrested on the charge of cheating people out of approximately Rs 42,000 crore in different states on the pretext of good returns through a ponzi scheme 'Bike Boat', Delhi Police said on Friday.   The Economic Offence Wing arrested CMD Sanjay Bhati and Director...

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The Enforcement Directorate (ED) has filed a chargesheet against 12 persons in a multi level marketing and ponzi scheme fraud case in which 1,18,288 investors were duped of over Rs 215 crore during 2008-2011.   City-based Gold Sukh Trade India Ltd, its sister concern Gold Sukh...

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Senior IAS officer B.M. Vijayshankar, who was reportedly involved in the multi-crore IMA Ponzi scam, allegedly committed suicide in his house, an official said on Tuesday. He was 59.   "Vijayshakar was found hanging in a room on the first floor of his residence at Jayanagar in the...

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Sumit Kumar Singh (IANS) 11 June 2020
Trouble mounts for Karnataka Cadre IAS officer B.M. Vijayshankar and two state service cadre officers as the Central Bureau of Investigation (CBI) seeks prosecution sanction against them to probe into allegation of taking bribe in the IMA ponzi scam, a financial fraud, worth Rs 4,000...

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TruthInAdvertising.org 14 February 2020
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 &...

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Moneylife Digital Team 13 February 2020
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...

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IANS 03 February 2020
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...

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TruthInAdvertising.org 31 January 2020
The US Federal Trade Commission (FTC) recently announced that it had secured an ex parte temporary restraining order (TRO), asset freeze and appointment of receiver against Nevada-based MLM Success by Health (SBH), its founder and CEO Jay Noland, his wife and two other SBH employees based on...

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Moneylife Digital Team 06 January 2020
Market regulator Securities and Exchange Board of India (SEBI) has released notice to auction properties of Royal Twinkle Star Club Ltd and Citrus Check Inns Ltd at Alappuzha, Lower Parel, Bengaluru and Lonavala. Both Royal Twinkle Star Club and Citrus Check Inns are involved in an alleged...

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TruthInAdvertising.org 25 December 2019
Would the real direct seller please stand up? The Direct Selling Association (DSA) recently unveiled a hashtag — #RealDirectSellers — through which the trade group claims you can make enough money to quit your day job and obtain time freedom through direct sales.     Nothing...

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Moneylife Digital Team 03 December 2019
The Justice RM Lodha (retd) Committee appointed in the PACL Ltd matter has decided to allow investors or applicants with claims of up to Rs5000 to rectify deficiencies found in their applications. The Committee, however, has not given any date or more details about the rectification process....

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Yogesh Sapkale Yogesh Sapkale 07 November 2019
Several desperate investors, who have lost money in PACL Ltd. are now receiving fraud messages about refunds that could dupe them all over again. These messages claim they are about providing a refund, but actually ask PACL investors to pay 10% of the claim amount as goods and services tax...

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The Central Bureau of Investigation (CBI) here on Tuesday arrested Pailan Group's Chief Managing Director Apurba Kumar Saha in connection with Rs 574 crore chit fund scam. Saha had collected Rs 574 crore from investors under various fraudulent schemes on assurance of paying high returns...

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Moneylife Digital Team 23 October 2019
The Supreme Court had appointed senior counsel Shyam Divan as Amicus Curiae to assist the Court in a case involving an alleged scam worth Rs7,500 crore by Ponzi schemes run by Royal Twinkle Star Club Ltd and Citrus Check Inns Ltd.    The order to appoint Mr Divan as Amicus Curiae was...

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