MLM / CHAIN MONEY


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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IANS 17 September 2019
The Enforcement Directorate on Tuesday attached Rs 277.97 crore assets of Noida-based eBIZ.COM Pvt Ltd and others in a "pyramid style" multi-level marketing fraud, the ED said.   The properties attached under the Prevention of Money Laundering Act (PMLA), include residential plots,...

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IANS 03 September 2019
The Central Bureau of Investigation (CBI) has filed a case against Bengaluru-based I-Monetory Advisory (IMA) and its MD Mansoor Khan, as well as against its group entities, for allegedly duping over a lakh gullible investors through a multi-crore ponzi scheme, CBI officials said on...

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Moneylife Digital Team 27 August 2019
The ministry of corporate affairs (MCA) and the department of consumer affairs under the ministry of consumer affairs, food & public distribution have initiated the filing of a winding up petition against Vihaan Direct Selling (India) Pvt Ltd, a franchise of controversial multi-level...

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The Managing Director of multilevel marketing company eBIZ and his son were arrested by the Hyderabad Police from company's Noida office on Tuesday for allegedly cheating thousands of people including students and unemployed youths to the tune of Rs 5,000 crore nationwide, a police officer...

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The Enforcement Directorate on Friday said it has attached properties to the tune of Rs 299 crore of Nowhera Sheikh of Heera Group including 96 immovable properties spread across several states in its probe into the ponzi scam.   An ED official said here that the agency has attached...

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The Special Investigation Team (SIT), probing the multi-crore ponzi scam involving IMA Jewellers, recovered 303 kg fake gold pieces from a posh flat belonging to the mastermind Mohammed Mansoor Khan in the city, an official said on Thursday.   "The 5,000-odd fake gold pieces in...

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The Karnataka government has seized 23 properties of IMA Jewellers scam prime accused Mansoor Khan valued at Rs 300 crore in five districts across the southern state, an official said on Wednesday.   "We have seized 23 properties valued at Rs 300 crore of Khan in...

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Moneylife Digital Team 01 August 2019
Thousands of desperate investors, who have lost money in PACL Ltd are pleading for an extension of time to submit their refund claims. PACL (or Pearls) is one of the largest Ponzi schemes in India which had been allowed to run for decades amassing over Rs49,000 crore.   Following...

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A Bill to protect depositors from Ponzi schemes and put in place a mechanism by which the investors can be compensated was passed by the Lok Sabha on Wednesday by voice vote.   The Banning of Unregulated Deposit Schemes Bill, 2019, which would replace the ordinance on the same...

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Multi-crore ponzi scheme scam prime accused and IMA Jewellers founder Mansoor Khan was arrested early on Friday from the New Delhi airport on arrival from Dubai by the Delhi Police, an official said.   "Khan was taken into custody on landing at the New Delhi international airport on...

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Moneylife Digital Team 06 July 2019
The union ministry of consumer affairs, which had issued guidelines on direct selling, has said the money circulation or Ponzi scheme operated by QNet and its associates in India are concerns of the ministry of finance and it has a limited role in the matter.    AK Pandey,...

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Seven directors of the city-based IMA Jewels were arrested and are being grilled by the Special Investigation Team to know their alleged role in the multi-crore ponzi scam operated by its owner Mohammed Mansoor Khan, police said on Thursday.   "On being warned against delaying the...

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Moneylife Digital Team 12 June 2019
In continuation with our fight against all multi-level marketing (MLM) and Ponzi scams, Moneylife had sent emails to market regulator Securities and Exchange Board of India (SEBI) warning them about the Hyderabad-based Heera Gold and Bengaluru-based I Monetary Advisory Pvt Ltd (IMA). However,...

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Moneylife Digital Team 11 June 2019
Bengaluru-based I Monetary Advisory Pvt Ltd (IMA), which was trying to ride on the success of Nowhera Shaik of Heera Gold, is now snowballing into a similar downfall.    According to desperate social media posts from investors and reports, Mohammed Mansoor Khan, managing director and...

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TruthInAdvertising.org 07 May 2019
At least 115 current or former LuLaRoe distributors have filed for personal bankruptcy since 2016.   Marlie Ezarik was 10 weeks pregnant when she was asked by the founders of the MLM clothing company LuLaRoe for her “why,” which in the MLM world means a distributor’s reason for...

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