MLM / CHAIN MONEY


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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The Enforcement Directorate on Thursday said it has attached properties totalling Rs 200 crore of different companies of the Basil International Ltd in several states in its probe into a ponzi scheme case.   In a statement, the agency said: "The ED has attached assets to the tune of...

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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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Terming cryptocurrencies as ponzi schemes, Anurag Agarwal, Joint Secretary in the Ministry of Corporate Affairs, on Friday said such virtual currencies should be banned.   He said official indecision so far on the virtual currency has harmed the investors.   "When it comes to...

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Moneylife Digital Team 28 February 2019
Cyberabad Police has issued notices to about 500 people including several top celebrities from Bollywood in the multi-crore QNet multi-level marketing (MLM) scam.   Those issued notices include Shah Rukh Khan, Anil Kapoor, Jackie Shroff, Boman Irani, Vivek Oberoi, Pooja Hegde and...

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IANS 20 February 2019
The Union Cabinet on Tuesday approved the promulgation of the Banning of Unregulated Deposit Schemes Ordinance, 2019 to prevent chit fund scams and protect small investors.   "The proposed Ordinance will immediately tackle the menace of illicit deposit taking activities in the country...

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IANS 07 February 2019
Amid a raging controversy over chit fund scams, the Union Cabinet on Wednesday decided to amend a law to enable banning unregulated deposit schemes with deterrent punishment and fines in a bid to protect small investors.   The Cabinet, chaired by Prime Minister Narendra Modi, decided...

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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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