MLM / CHAIN MONEY


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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Moneylife Digital Team 18 May 2016
Gurupreet Singh Anand, the original complainant in the QNet multi-level marketing (MLM) scam has demanded a detailed probe of the role played by Bollywood stars like Shah Rukh Khan, Aamir Khan, Anil Kapoor, Boman Irani and Pooja Hegde in promoting the company.    "As per the reports...

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Moneylife Digital Team 16 May 2016
An explosive set of documents perused by Moneylife have revealed how QNet, the controversial, Hong Kong-based multilevel marketing (MLM) has been caught by the Directorate of Revenue Intelligence (DRI) for falsifying while importing products, but gets away by settling claims. These tactics,...

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From Bombay to Goa and Chennai, the noose is finally tightening around QNet, the global Ponzi scheme that has been allowed to raise several thousand crores of rupees for 16 years (upward of Rs8,000 crore, according to estimates) from gullible people, luring them with fake promises of high...

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Moneylife Digital Team 04 May 2016
The Serious Frauds Investigation Office in its ‘secret’ report on GoldQuest and QuestNet, the earlier avatars of QNet, warns that MLM or Ponzi schemes run by overseas operators, also nails the deception and huge claims of earnings used by MLMs to recruit more people   The Serious...

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Moneylife Digital Team 04 May 2016
The Serious Frauds Investigation Office in its ‘secret’ report on GoldQuest and QuestNet, the earlier avatars of QNet, warns that MLM or Ponzi schemes run by overseas operators, also nails the deception and huge claims of earnings used by MLMs to recruit more people   The Serious...

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Moneylife Digital Team 03 May 2016
A former Minister and his family worked as advisors for QNet and the government needs to expedite inquiry and take immediate action, says Somaiya while raising the issue in the Parliament   With names of former minister of finance P Chidambaram and his wife Nalini Chidambaram coming...

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Moneylife Digital Team 19 April 2016
Currently, Advocate Saraogi is representing Rahul Raj in the Pratyusha Banerjee suicide case, and in 2011 addressed the press as counsel for SpeakAsia online survey company accused of duping lakhs of people for about Rs2,276 crore    Senior advocate Ashok Saraogi, who once represented...

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Bhubaneswar : An aide of Odisha's Food Supplies and Consumer Welfare Minister Sanjay Dasburma on Wednesday submitted documents relating to a vehicle owned by the minister to the CBI which is inquiring into the multi-crore-rupee chit fund scam in the state.   Gourang Sahu,...

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Kolkata : Former West Bengal minister and Trinamool Congress candidate Madan Mitra -- who is in custody over the multi-crore-rupee Saradha scam -- possesses assets in excess of Rs.88 lakh, according to his affidavit filed with the Election Commission on Wednesday.   According to the...

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Moneylife Digital Team 17 March 2016
In a half-page advertisement in newspapers across India, the controversial QNet has tried to disassociate itself from agents who it claims have indulged in mis-selling and misleading the public. It claims that 'stern legal action' has been initiated against such sellers, including its...

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New Delhi : The top three online scams in India are work from home, lottery scams and fake bank email scam, says a new multi-market survey, adding that despite the growing awareness, new online scams are being reported every day.   Releasing an “Internet Scams” study on Thursday,...

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Moneylife Digital Team 09 March 2016
SEBI asked 10 companies, and their promoters and directors to refund the money with 15% interest to investors and also refrain from accessing the securities market for four years   Market regulator Securities and Exchange Board of India (SEBI) has asked 10 Ponzi companies, including,...

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Moneylife Digital Team 07 March 2016
Before his arrest in January 2016, Nirmal Singh Bhangoo, founder and chief of PACL gifted a lavish $2.5 million home in Melbourne to his daughter and son-in-law, reveals a report from The Australian   Days before his arrest by Indian authorities, Nirmal Singh Bhangoo, founder and...

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Kolkata : Within an hour after the election schedule was announced for West Bengal, the ruling Trinamool Congress on Friday released its list of candidates for all 294 assembly seats, re-nominating Saradha ponzi scam accused Madan Mitra.   Mitra, now behind bars in connection with the...

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Bhubaneswar : The CBI has interrogated a senior police officer of Odisha in connection with Seashore chit fund scam in which lakhs of investors were allegedly duped of money totalling about Rs.1,500 crore, said an official of the probe agency on Thursday.   Inspector General (central...

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Mumbai : CBI Director Anil Sinha on Wednesday gave an earful to chiefs of top banks and financial institutions for the crises and scams plaguing the country's banking and financial sectors.   In a no-holds barred speech in the presence of Maharashtra Chief Minister Devendra Fadnavis,...

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