MLM / CHAIN MONEY


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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IANS 26 February 2020
The Securities and Exchange Board of India (SEBI) on Tuesday directed Vayaa Builder and Developers, and its directors Yogendra Bisay and Jitendra Bisay to cease their unregistered Collective Investment Scheme (CIS) and refund the money garnered through the scheme.   The company had...

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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 Ponzi 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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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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IANS 30 October 2019
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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IANS 22 August 2019
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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IANS 17 August 2019
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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IANS 08 August 2019
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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IANS 07 August 2019
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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