MLM / CHAIN MONEY


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 19 July 2018
The Banning of Unregulated Deposit Schemes Bill 2018, was introduced by Minister of State for Finance P Radhakrishnan in the Lok Sabha on 18 July 2018. This Bill aims to prevent unregulated deposit schemes or arrangements at their inception and makes soliciting deposits related to an...

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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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Investors of Heera Islamic Business Group, better known as Heera Gold, are in a panic over payment delays and rumours about financial difficulties faced by the group, which has amassed vast sums of money by specifically targeting the Muslim community by invoking the name of “Allah” in its...

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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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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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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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Moneylife Digital Team 06 April 2017
The Enforcement Directorate (ED) has attached properties worth over Rs150 crore of Chennai-based Gold Quest International Pvt Ltd in connection with a case of money circulation business and cheating public. Gold Quest is the previous avatar of QNet, the multi-level marketing (MLM) company,...

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Moneylife Digital Team 01 April 2017
While granting bail to two accused in the multi-crore QNet multi-level marketing (MLM) fraud case, the special Maharashtra Protection of Interest of Depositors (MPID) Court said the activities of the MLM are not legal. The MPID Court granted bail to Srinivas Rao Vanka, Magaral V Balaji and...

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Kolkata, The CBI on Wednesday registered a case against city-based Shree Mahalaxmi Corporation Pvt. Ltd and two of its directors for misusing funds by taking several loans from State Bank of India for business purposes, a CBI statement said.   The case was also lodged against the then...

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Moneylife Digital Team 24 February 2017
While dismissing a petition to quash first information report (FIR), the Delhi High Court has categorically stated that Michael Ferreira and Malcolm Desai, the two main stakeholders of Vihaan Direct Selling (India) Pvt Ltd are the primary beneficiaries of QNet, the multi-crore scam. Srinivas...

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CS Vinita Nair 17 February 2017
India is a country where business is largely carried on in the form of proprietary concerns and partnership firms, and not in the form of companies and Limited Liability Partnerships (LLP). The way of doing business is quite informal, including modes of raising funds for...

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IANS 01 February 2017
ED officer Manoj Kumar, who is facing allegations of closeness to the wife of scam-accused Rose Valley Chit Fund owner Gautam Kundu, Tuesday termed the accusations as part of a "larger conspiracy" to remove him from the investigation into the scam even as police said he could be summoned for...

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