MLM / CHAIN MONEY


Moneylife Digital Team 16 January 2019
The Securities and Exchange Board of India (SEBI) has disclosed details of 29,000 properties of PACL, the massive ponzi scheme that went bust. These details, says SEBI in a press release issued today, are available on the website www.auctionpacl.com .   SEBI has now received details...

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Moneylife Digital Team 08 January 2019
Continuing to crack the whip against agents of controversial multi-level marketing (MLM) companies, the Cyberabad City Police has arrested 58 independent representatives (IRs) of QNet for their involvement in 14 cases of fraud and cheating worth Rs1,000 crore. Those arrested by the police...

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Moneylife Digital Team 20 November 2018
Even while the promoter of Heera Gold has been arrested after many long years of complaints to various regulators, another scheme is targeting Muslims with a similar pitch of 'halal' investments. The Karnataka government has issued notice in Times of India (Bengaluru edition) to forfeit all...

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TruthInAdvertising.org 20 November 2018
A class-action complaint filed Monday in Manhattan federal court accuses President Trump, three of his adult children and The Trump Corporation of misleading consumers through their endorsements of two MLMs – ACN Opportunity, LLC and the now-defunct Trump Network – and The Trump Institute,...

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Moneylife Digital Team 08 November 2018
QNet, the controversial multi-level marketing (MLM) scheme, and its franchisee Vihaan Direct Selling (India) Pvt Ltd, both of which often try to hide behind the 'direct selling or product company' tag have failed to make an entry into the list of direct selling entities in...

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Moneylife Digital Team 16 October 2018
Dr Aalima Nowhera Shaik, chairman of the controversial Heera Islamic Business Group, better known as Heera Gold, has been arrested by Hyderabad Police. Hyderabad Police Commissioner Anjani Kumar told media persons about the arrest of Dr Shaik, who is accused of collecting money as deposits...

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Moneylife Digital Team 11 October 2018
Market regulator Securities and Exchange Board of India (SEBI) said the Justice RM Lodha Committee appointed by the Supreme Court has paid up to Rs2,500 each to 1,13,352 investors of PACL Ltd (erstwhile Pearls), who had filed the claims in prescribed forms.   In a release, SEBI said,...

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Moneylife Digital Team 17 September 2018
The Australian Federal Court had accepted claim filed by Securities and Exchange Board of India (SEBI) on assets of PACL Ltd (erstwhile Pearls) in that country. The Australian Federal Court also stated that as per three orders passed by Supreme Court of India, SEBI Act, SEBI Regulations, the...

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Moneylife Digital Team 17 September 2018
Investors of the Heera Islamic Business Group, better known as Heera Gold, are coming out in the open to protest delayed payments following a financial crunch faced by this Ponzi company. Last week, over a 100 victims of Heera Gold held public protests in Hyderabad along with victims and...

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Moneylife Digital Team 17 September 2018
The Ministry of Commerce and Investment (MCI) in Saudi Arabia, while continuing to pursue 'illegal' QNet marketing activity, has raided meeting places of the controversial multi-level marketing (MLM) company.    In a release issued on Saturday, MCI says, “... (the Ministry) inspection...

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Moneylife Digital Team 11 September 2018
QNet, the controversial multi-level marketing (MLM) scheme, has cancelled V-Con, its high-profile, flagship annual event that was scheduled to be held in Dubai between 8th to 12th September. The company has not given any reason for the sudden cancellation of V-Con, but thousands of...

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Moneylife Digital Team 18 July 2018
The Securities and Exchange Board of India (SEBI) has clarified that activities of Heera Islamic Business Group, better known as Heera Gold, are in the nature of Ponzi or multilevel marketing (MLM) scheme. However, since these activities are beyond the ambit of SEBI and Reserve Bank of India...

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Agartala, The CBI on Thursday questioned another former Left Front minister in Tripura and his two ex-private secretaries in connection with the Kolkata-based Rose Valley chit fund scam case.   Former Finance, PWD and Health Minister Badal Chowdhury was questioned by two Central...

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Moneylife Digital Team 19 April 2018
Rahul Dravid, nicknamed The Wall, is a legend for his studied and meticulous approach to the game of cricket—as a player, captain and coach. Prakash Padukone had a similar reputation. Wouldn’t you expect them to show the same approach to their hard-earned savings? So imagine our shock to find...

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The Enforcement Directorate attached assets including resorts, hotels, and land parcels worth Rs 2,300 crore in connection with the money laundering probe against the Rose Valley chit fund, an official said on Thursday.   "Assets including nine hotels, 11 resorts along with a plot of...

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Sucheta Dalal Sucheta Dalal 27 February 2018
Amidst growing public anger about banking frauds, the Union Cabinet's approval to a comprehensive new legislation to protect deposit-taking schemes went almost unnoticed. The ‘Banning of Unregulated Deposit Schemes Bill, 2018’ (BUDSB) was cleared by the Cabinet on 21st February. It aims to...

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Sucheta Dalal Sucheta Dalal 30 January 2018
On 2 January 2018, the Securities and Exchange Board of India (SEBI) issued a press release, to say that those who invested in PACL Ltd (formerly Pearls), India’s biggest Ponzi scheme to date, would receive up to Rs2,500 each on a pro-rata basis after selling some properties of the...

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Moneylife Digital Team 17 January 2018
In a major shock to supporters of virtual currencies, BitConnect, the first multi-level marketing (MLM) initial coin offerings (ICO) lending Ponzi scheme has collapsed wiping out almost USD 2.4 billion in just past 10 days, says a report.   According to a report from BehindMLM.com,...

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Moneylife Digital Team 28 December 2017
After starting its innings with a spate of actions against a variety of ponzi and money-circulation schemes, the National Democratic Alliance (NDA) has gone slow on investigating such dubious entities that loot gullible Indians with the promise of extraordinary returns or selling dodgy...

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Kolkata/Bhubaneswar, The Central Bureau of Investigation on Thursday filed a supplementary chargesheet against three of the accused in the Rose Valley chit fund scam including the company chief and two Trinamool Congress MPs who were arrested earlier.   "The CBI has filed a...

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