MLM / CHAIN MONEY


The Central Bureau of Investigation on Friday conducted searches in 26 different locations across India of the Silicon Group of Companies which is allegedly running chit fund operations.   The Kolkata-based group is one of the 44 chit fund companies being probed by the CBI following...

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TruthInAdvertising.org 12 May 2015
Former distributor says a class-action settlement isn't going to help a majority of recruits who lost money   Eric Rodensky was working hard driving trucks for a company that distributes candy and groceries to convenience stores, but the long hours weren’t yielding enough pay to make...

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The CBI on Thursday raided seven locations in West Bengal and Odisha of the Mangaldeep Land Promoters Ltd. for raising public money through illegal schemes, while a court rejected the bail plea of state minister Madan Mitra who was arrested for his alleged complicity in the multi-crore-rupee...

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Moneylife Digital Team 08 April 2015
SpeakAsia, the online survey scam, which duped thousands is facing a Rs2,276 crore cheating case. The Enforcement Directorate has attached bank balances of over Rs100 crore from accounts related with SpeakAsia   The Enforcement Directorate (ED), has attached bank balances worth...

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The Enforcement Directorate on Wednesday arrested Rose Valley Group chairman Gautam Kundu in connection with the multi billion rupee ponzi scam.   ED sources said Kundu was taken into custody after he failed to give proper answers during sustained questioning spread over six hours on...

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Painter Shuvaprasanna Bhattacharya was on Monday grilled for nearly five hours by the Enforcement Directorate in connection with a business deal he made with Saradha Group chief and now jailed scam kingpin Sudipta Sen.   Perceived to be close to leaders of West Bengal's ruling...

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Moneylife Digital Team 24 February 2015
The Rs500 crore properties would be in addition to the properties worth Rs1,050 crore which have already been attached by ED   The Enforcement Directorate (ED), which is probing the money trail in the Saradha ponzi scam will further attach properties worth Rs500 crore.   "We...

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Moneylife Digital Team 19 November 2014
During the second quarter, total number of loans disbursed by MFIs grew by 35% while average loan amount disbursed per account crossed the Rs15,000 mark   During the September quarter, funding for micro finance institutions (MFIs) grew 172% compared with same quarter last year, while...

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Moneylife Digital Team 18 November 2014
The probe into Seashore Group may cause embarrassment for the Naveen Patnaik government as it had entrusted the Group with the task of executing different projects on public-private-partnership mode   The Central Bureau of Investigation (CBI) on Tuesday carried out searches in four...

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Moneylife Digital Team 04 November 2014
A CBI official said that the arrests were made “on allegations of criminal conspiracy, cheating and diversion of funds”   The Central Bureau of Investigation (CBI) arrested Ramchandra Hansdah, a Biju Janata Dal (BJD) member of Parliament; Hitesh Kumar Bagarti, ex-MLA from the...

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Moneylife Digital Team 03 November 2014
After applying the stringent MPID Act in the QNet case, the EOW has arrested a top leader for conducting a training session for the MLM scheme. The Mumbai police has even asked Cafe Coffee Day-CCD to shut its doors to representatives of the controversial MLM operator and all its associate...

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Sucheta Dalal Sucheta Dalal 15 October 2014
Who is behind this strange rush to legitimise MLMs?   At one end of the spectrum, we have lots of action against shady money collection schemes—whether in the guise of chit funds or recurring deposits. Subrata Roy of the Sahara Pariwar remains in jail since March. Pramatha Nath Manna,...

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Moneylife Digital Team 14 October 2014
The Bangalore Police are investigating Adooye.com, which was selling a ‘package' that promised money for watching online advertisements and enrolling new members, in a classic money circulation scheme. The MLM, which reportedly collected over Rs600 crore has quietly shut shop and left over...

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Moneylife Digital Team 07 October 2014
A 'serious' staff crunch at CBI is causing a problem in speeding up the probe against the multi-crore chit fund scam involving several politicians from West Bengal   The Special Crime Branch of Central Bureau of Investigation (CBI), which started probing the Saradha multi-crore...

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Moneylife Digital Team 23 September 2014
Mohanty was arrested from his Cuttack residence in connection with a land deal he had done with AT group chief Pradip Sethy   The CBI (Central Bureau of Investigation) arrested former Advocate General Ashok Mohanty in connection with the chit fund scam case and took him on two day...

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Moneylife Digital Team 15 September 2014
The EOW had arrested Susan Chatterjee, former daughter-in-law of Michael Ferreira in the Rs425 crore QNet scam. While Ferreira owns 80% stake in QNet's official franchisee in India, his son, wife and close relatives are also reportedly under the scanner   With the arrest of Susan...

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Moneylife Digital Team 15 September 2014
According to SFIO, the Saradha group companies will face prosecution for violation of several laws   The Serious Fraud Investigation Office (SFIO), which completed its probe into the Saradha ‘chit fund scam’, said that its 14 group companies have been found to be running ‘ponzi...

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Moneylife Digital Team 02 September 2014
A CBI inquiry has revealed links between IRCTC and Saradha Group during the time when Mamata Banerjee was the Railway Minister   West Bengal Chief Minister Mamata Banerjee's name has now allegedly got dragged into the multi-crore Saradha chit fund scam, says a report by Zee News....

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Moneylife Digital Team 28 August 2014
CBI is raiding the premises of former Assam minister and legislator Hemant B Sharma   The Central Bureau of Investigation (CBI) is searching seven locations in Kolkata, 12 in Guwahati, two in Dhubri, Assam and one in Mumbai in relation to the multi-crore Saradha scam, an official...

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Moneylife Digital Team 07 August 2014
Have QNet team leaders misled the Mumbai Sessions Court by submitting a fake document along with their bail application? The Economic Offences Wing has made this sensational disclosure. The police official, whose signature is on the document has also denied having prepared or signed...

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