MLM / CHAIN MONEY


Moneylife Digital Team 03 July 2013
Kerala Police have arrested two persons in connection with a forex racket which has duped over 60 investors of several crores of rupees, while, at the same time, employees in Chennai have escaped While the rupee has been grabbing headlines of late, what is little known or reported is...

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Moneylife Digital Team 19 June 2013
Several PILs were filed seeking CBI probe into the multi-crore Saradha chit fund scam    The Calcutta High Court on Wednesday refused to grant the prayer for an investigation by Central Bureau of Investigation (CBI) into the multi-crore Saradha chit fund scam.   Passing an...

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Sushmita V Gopalan 17 June 2013
EAS Sarma, the former secretary to GoI suggested that the MCA evolve a system to trace dubious investment or shell companies involved in money laundering EAS Sarma, former Secretary to the Government of India, has suggested that the ministry of corporate affairs (MCA) evolve a system in...

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Moneylife Digital Team 28 May 2013
Kerala, the first state to tighten guidelines on multi-level marketing companies, has cracked the whip on Amway, which is among the first multinational direct marketing companies to enter India in the 1990s. What does the Kerala action mean for other chain-schemes such as QNET and others,...

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Moneylife Digital Team 02 May 2013
EAS Sarma, former secretary to GoI has questioned the non-action from the government on the growing menace of multi-level marketing (MLM) and money-circulation schemes, which are duping lakhs of gullible savers When Moneylife wrote about a ponzi scheme founded by a convicted Russian...

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Moneylife Digital Team 29 April 2013
Saradha Group has about 160 registered activities including realty and resort but not even one activity was registered as Chit Fund in the state, All India Association of Chit Funds general secretary TS Sivaramakrishnan said Objecting to the use of word ‘Chit Fund’ in multi-crore Saradha...

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Moneylife Digital Team 25 April 2013
After keeping mum for all these years the MCA has finally decided to hand over the probe of chit-fund, MLM, Ponzi and pyramid schemes to a special task force under the SFIO After the collapse of Saradha group, the ministry of corporate affairs (MCA) in a face saving measure has decided...

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Moneylife Digital Team 25 April 2013
Expressing regret over the turn of the events which unfolded since the collapse the Saradha Group, Mamata Banerjee urged the affected people to stay calm while the government made efforts to help them The West Bengal government on Wednesday said that it would set up a Rs500 crore relief...

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Vinod Kothari Vinod Kothari 23 April 2013
The massive money, which is raised surely shows somewhere on the balance sheet of the company, filed regularly with the MCA. The primary recipient of the information about these companies is the MCA, and surprisingly the MCA is the least proactive in the entire process of bringing these...

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Moneylife Digital Team 22 April 2013
The collapse of Saradha group, which has been supported first by the Left Front and then by Trinamool Congress, was expected. What will come as a shock to the average person is the political patronage received by such fly-by-night fund collectors West Bengal Chief Minister Mamata...

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MDT/PTI 17 December 2012
The government has initiated action in consultation with RBI to draft suitable measures to protect small investors from MLM, chit fund agencies which are taking advantage of the loopholes in law to misuse public money Kolkata: The menace of illegal chit fund companies is not limited to...

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Sucheta Dalal Sucheta Dalal  and   Yogesh Sapkale Yogesh Sapkale 20 November 2012
QNet, the MLM company which has become active again in India, cannot provide answer to a single question asked by us. Instead it sent us a threatening and defamatory mail that raises more questions as to their real motive QNet, the controversial Hong Kong-based multi-level marketing...

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Sucheta Dalal Sucheta Dalal  and   Yogesh Sapkale Yogesh Sapkale 17 November 2012
QNet, the controversial MLM company is luring executives and professionals by promising a weekly income of Rs27.7 lakh. Do the math… this is about the salary that Mukesh Ambani, one of India's highest paid CEOs earns. Yet, this patently exaggerated claim by QNet is ensnaring people to invest...

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Sucheta Dalal Sucheta Dalal  and   Yogesh Sapkale Yogesh Sapkale 15 November 2012
QuestNet and GoldQuest, which all but closed down in 2009, have emerged bigger and stronger as QNet.  But the hype and hard-sell by this MLM company to ensnare people into enrolling distributors and hawking lifestyle products such as watches, gold coins, bio-discs, herbal products and travel...

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Yogesh Sapkale Yogesh Sapkale 08 November 2012
MLMs like SpeakAsia and NMart thrive because the police and regulators like RBI, SEBI or IRDA, instead of taking prompt action, sit on their heads waiting for a formal complaint from duped investors, which happens only after promoters vanish with crores of rupees   Every other day,...

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Moneylife Digital Team 03 September 2012
The FIPB, in its forthcoming meeting may discuss various alternatives, including whether action should be taken against MLM companies, as states such as Andhra Pradesh have found their business model prohibited under the PCMCS Act and have requested a review of approvals for these...

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Sucheta Dalal Sucheta Dalal  and   Yogesh Sapkale Yogesh Sapkale 22 August 2012
Will the forthcoming meeting of the Foreign Investment Promotion Board lead to much-needed tightening of the rules for global MLM companies operating in India, or will the politically powerful MLM lobby use it improve its current dodgy status under the Prize Chits Act? The Foreign...

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While there is no guarantee of a MLM company's survival, the AITUC want these companies to provide PF, gratuity and other benefits to their employees   New Delhi: Several employees of multi-level marketing firms staged a protest in the capital demanding enactment of a Central law...

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Moneylife Digital Team 13 April 2011
SpeakAsia, is an online company collecting large sums of money by rapidly enrolling people with the promise of incredible payments for simply filling out online surveys. Our investigation, however, shows that the company is not registered in India and it cannot show us any legal...

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