MLM / CHAIN MONEY


Moneylife Digital Team 02 September 2026
Pushpam Appala Naidu, managing director of Quest Net Enterprises India Pvt Ltd and Gold Quest International Pvt Ltd, has been convicted by a special court in Chennai for making false statements and deliberately omitting material particulars in the company’s statutory filings during a serious...

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Moneylife Digital Team 31 August 2026
Market regulator Securities and Exchange Board of India (SEBI) has imposed a ₹25 lakh penalty jointly and severally on three directors of Citrus Check Inns Ltd (CCIL) for continuing to collect money from investors despite prohibitory directions issued by the regulator in 2015. The penalty has...

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Pranjal R Daniel 17 August 2026
A physical product, free enrolment and a claim of compliance with the Consumer Protection (Direct Selling) Rules, 2021 may create an appearance of legitimacy. They do not, by themselves, establish that a direct selling multi-level marketing (MLM) model is lawful, commercially sustainable or...

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Moneylife Digital Team 01 July 2026
Market regulator Securities and Exchange Board of India (SEBI) has imposed a total penalty of ₹1.10 crore on four former directors, Oprakash Basantlal Goenka, Prakash Ganpat Utekar, Venkatraman Natarajan and Narayan Shivram Kotnis of Citrus Check Inns Ltd, for fraudulently mobilising investor...

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Moneylife Digital Team 23 May 2026
The directorate of enforcement (ED) has arrested Heera group founder Nowhera Shaik in connection with an alleged ₹3,000 crore investor fraud case involving more than 172,000 depositors across India.   Ms Shaik was arrested on 21 May 2026 in Gurugram under the provisions of the Prevention of...

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Moneylife Digital Team 27 April 2026
The directorate of enforcement (ED) has disbursed ₹127.69 crore to 173,350 victims of the Rose Valley group scam as part of its ongoing restitution process, marking a significant step in one of eastern India’s largest chit fund fraud cases.   According to the agency, its Kolkata zonal office,...

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Moneylife Digital Team 24 March 2026
The Hyderabad city police have busted a massive multi-level marketing (MLM) and illegal money circulation racket linked to QNet, arresting 32 persons across Telangana, Andhra Pradesh and Karnataka in a coordinated inter-state operation.   The crackdown was carried out by the special...

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Pranjal R Daniel 27 January 2026
India's Ponzi problem has quietly turned into a full-fledged industry, and a large part of the factory now runs offshore while the casualties sit in Indian living rooms.   India is no longer dealing with so-called ‘isolated scams’ on WhatsApp and Telegram; it is confronting an increasingly...

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Moneylife Digital Team 24 September 2025
The special court for economic offences in Hyderabad has convicted Heera Foodex Pvt Ltd and its director Dr Aalima Nowhera Shaik, founder of the Heera group, in a case filed by the registrar of companies (RoC) for failing to submit statutory financial documents.   In its order on 23 September...

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Moneylife Digital Team 01 September 2025
The special task force (SFT) of the directorate of enforcement (ED) has provisionally attached immovable and movable assets valued at over Rs394.42 crore in connection with the notorious Bikebot scam case, under the provisions of the Prevention of Money Laundering Act (PMLA),...

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Debayan Roy (Bar  and   Bench) 14 July 2025
Senior Advocate Dushyant Dave has decided to quit legal profession after 48 years at the Bar.   He announced his decision via a WhatsApp message.   “After having spent 48 glorious years at the Bar and having just celebrated 70th wonderful birthday, I have decided to quit the profession of...

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Moneylife Digital Team 02 July 2025
A committee headed by retired district judge AP Kurhekar has launched a special website to facilitate refunds to the investors of Royal Twinkle Star Club Ltd and Citrus Check Inns Ltd who are eligible for a refund.   In a release, market regulator Securities and Exchange Board of India (SEBI)...

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Moneylife Digital Team 23 May 2025
India’s core sector growth slowed to 0.5% in April, the lowest in eight months. Crude oil (-2.8%), refinery products (-4.5%) and fertilisers (-4.2%) saw contractions, weighing on overall output. Cement production rose 6.7%, while coal (+3.5%) and steel (+3%) provided some support. The decline...

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Moneylife Digital Team 26 March 2025
The Delhi zonal office of the directorate of enforcement (ED) conducted search operations at three premises in Gurgaon under the Prevention of Money Laundering Act (PMLA), 2002. The premises searched on 23 March 2025 belonged to Barinder Kaur, daugher of PACL founder  late Nirmal Singh Bhangoo...

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Moneylife Digital Team 06 March 2025
Coming down heavily on Dr Aalima Nowhera Shaik, managing director (MD) of the Heera group of companies, which operated a Ponzi scheme and duped thousands of investors, the Supreme Court (SC) asked the MD to either return Rs25 crore to investors within two months or face imprisonment in the...

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Moneylife Digital Team 27 February 2025
The central bureau of investigation (CBI) has seized cryptocurrencies valued at about Rs24 crore as part of its extensive probe into the GainBitcoin scam. The nationwide crackdown involved coordinated searches at over 60 locations across India, targeting key accused individuals, their...

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Moneylife Digital Team 25 February 2025
In a significant move towards justice for victims of the Agri Gold Ponzi scheme, the Hyderabad zonal office of the directorate of enforcement (ED) has successfully restituted attached properties worth around Rs3,339 crore to the victims. The present market value of these properties is estimated...

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Moneylife Digital Team 13 February 2025
The Chandigarh zonal office of the directorate of enforcement (ED) has frozen bank balances totalling Rs170 crore across 30 accounts linked to shell companies involved in the QFX Trade Ltd's multi-level marketing (MLM) fraud. The crackdown is part of an ongoing investigation of ED into an...

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Moneylife Digital Team 09 January 2025
The Hyderabad zonal office of the directorate of enforcement (ED) has provisionally attached 27 immovable properties having a market value of about Rs103.4 crore and a book value of Rs17.14 crore under the provisions of the Prevention of Money Laundering Act (PMLA), in a Ponzi scheme case...

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Moneylife Digital Team 13 December 2024
The central consumer protection authority (CCPA) has issued notice to 17 entities that were found violating Consumer Protection (Direct Selling) Rules, 2021. Of these, 13 entities are currently under investigation and reply from three of the entities is awaited, the CCPA says.   The 17...

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