MLM / CHAIN MONEY


Moneylife Digital Team 26 December 2016
Market regulator Securities and Exchange Board of India (SEBI) has advised victims of multi-level marketing (MLM) QNet and its franchisee Vihaan Direct Selling India Pvt Ltd to the Economic Offences Wing (EOW) of Police having jurisdiction.    SEBI said its Bengaluru local office is...

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IANS 23 December 2016
The Enforcement Directorate on Thursday attached assets worth Rs 1,250 crore of the Rose Valley Group including eight hotels and 12 high-end cars in connection with a chit fund scam, an official said.   "In this money laundering case, the agency issued the fourth attachment order...

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Moneylife Digital Team 21 December 2016
QNet, the controversial Hong Kong-based multi-level marketing (MLM) company, has been trying hard to get support from its peers, but with no success. While a few powerful members are not allowing QNet’s entry into the Indian Direct Selling Association (IDSA), its franchisee Vihaan Direct...

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Moneylife Digital Team 19 October 2016
Tough times for Michael Ferreira, former world billiard champion and three others arrested in the QNet scam case in Mumbai continue. All four have now been arrested by the Central Crime Station (CCS), a wing of Hyderabad Police in the multi-crore QNet scam case, even while their remand period...

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Moneylife Digital Team 01 October 2016
Following orders from the Bombay High Court, former world champion of billiards Michael Ferreira, and two others on Friday surrendered before a Special Court in the multi-crore QNet scam. On Tuesday, the HC had asked five prime accused to as per the directions passed by the Supreme Court in...

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Moneylife Digital Team 27 September 2016
The Bombay High Court on Tuesday asked the five prime accused, including former world champion of billiards Michael Ferreira, to surrender as per the directions passed by the Supreme Court in the multi-crore QNet scam case. The HC was hearing a bunch of writ petitions filed by these five...

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Moneylife Digital Team 21 September 2016
The Supreme Court on Wednesday rejected anticipatory bail applications of five accused in the multi-crore QNet scam. This includes, Srinivas Rao Vanka and Magaral Veervalli Balaji, both directors of Vihaan Direct Selling (India) Pvt Ltd, Suresh Thimiri, director of Transview Enterprises India...

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TruthInAdvertising.org 20 September 2016
Vemma, its CEO Benson K. Boreyko and top distributors have reached a settlement with the FTC in the pyramid scheme case the agency filed more than a year ago pending approval from the agency commissioners. While details of the settlement have not yet been disclosed, court documents state that...

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IANS 16 September 2016
Kolkata: The Central Bureau of Investigation arrested three former directors of two Kolkata-based private companies in an ongoing investigation related to two chit fund scam cases on Thursday.   A CBI spokesperson said the accused had hatched a criminal conspiracy alongside others and...

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Moneylife Digital Team 09 September 2016
Cracking the whip against agents of controversial multi-level marketing (MLM) company QNet, the Hyderabad City Police arrested four independent representatives (IRs) for cheating about 200 people under the pretext of giving a job and collecting around Rs2 to Rs3 crore.   In a release,...

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Moneylife Digital Team 31 August 2016
Market regulator Securities and Exchange Board of India (SEBI) has managed to auction 30 luxury cars out of 47 owned by controversial PACL Ltd (erstwhile Pearl Agrotech Corp) that would help it garner about Rs30 crore, says a report.   Quoting Bhanu Kumar, regional manager of MSTC,...

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Moneylife Digital Team 29 August 2016
SocialTrade.biz, owned by Ghaziabad-based Ablaze Info Solutions Pvt Ltd, claims to provide a unique concept of online barter system through its Social Media Exchange (SME). However, on probing further, the whole scheme looks like a money circulation scheme, where the user gets paid not for...

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In September 2015, the standing committee of parliament for finance came up with a hard-hitting report on illegal chain-money schemes and the use of multi-state cooperative societies to launder money (Moneylife, issue 26thNovember 2015). The committee’s report came in the wake major chit fund...

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Moneylife Digital Team 26 August 2016
The curious case of QNet, the Hong Kong-based controversial multi-level marketing (MLM) operator has now reached the Supreme Court. However, some of the accused or agents of QNet like Suresh Thimiri, who was the chief executive of the MLM company in India, appear to be misguiding the apex...

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IANS 24 August 2016
The Enforcement Directorate (ED) has summoned former Finance Minister P. Chidambaram's wife Nalini Chidambaram for questioning in connection with the multi-crore Saradha chit fund scam, an official said on Wednesday.   The official refused to divulge the date when she will be...

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Moneylife Digital Team 16 August 2016
After class action lawyers in Australia had worked at securing the rights of 50,000 Indian investors by filing caveats in the courts of that country, the Indian government also appears to have woken up to the overseas investments of Pearls India and its promoters, the Bhangoo family....

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IANS 09 August 2016
Market regulator Securities and Exchange Board of India (SEBI) has told the Supreme Court that ponzi schemes do not fall under its regulatory regime and it was for the state governments to act against them.   The SEBI told a bench of Chief Justice T.S. Thakur, Justice A.M. Khanwilkar...

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Abhay Datar 18 July 2016
Only those who lost money to the Ponzi schemes of the 1990s would probably remember how they used to lure people into their trap. The entrapment continues even today and people lose tens of thousands of crore rupees to a variety of Ponzis that are proliferating even today. But I want to share...

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Millionaire money-lender, Datta D Phuge, famous as 'Pimpri Goldman' was found clobbered to death near Dighi here on early Friday morning, police said.   The high-profile businessman's vehicle was accosted by some unknown persons on the outskirts of the city late on Thursday...

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Rekha Bhattacharjee (IANS) 07 July 2016
Lawyers here are all set to lodge a class action in the Australian Federal Court (AFC) on Thursday to demand freezing of the Chandigarh-based Pearl Group's real estate assets in Australia.   It has been alleged that Pearl Group was running a ponzi scheme which had swelled to over Rs...

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