MLM / CHAIN MONEY


The Central Bureau of Investigation (CBI) here on Tuesday arrested Pailan Group's Chief Managing Director Apurba Kumar Saha in connection with Rs 574 crore chit fund scam. Saha had collected Rs 574 crore from investors under various fraudulent schemes on assurance of paying high returns...

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Moneylife Digital Team 23 October 2019
The Supreme Court had appointed senior counsel Shyam Divan as Amicus Curiae to assist the Court in a case involving an alleged scam worth Rs7,500 crore by Ponzi schemes run by Royal Twinkle Star Club Ltd and Citrus Check Inns Ltd.    The order to appoint Mr Divan as Amicus Curiae was...

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IANS 17 September 2019
The Enforcement Directorate on Tuesday attached Rs 277.97 crore assets of Noida-based eBIZ.COM Pvt Ltd and others in a "pyramid style" multi-level marketing fraud, the ED said.   The properties attached under the Prevention of Money Laundering Act (PMLA), include residential plots,...

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IANS 03 September 2019
The Central Bureau of Investigation (CBI) has filed a case against Bengaluru-based I-Monetory Advisory (IMA) and its MD Mansoor Khan, as well as against its group entities, for allegedly duping over a lakh gullible investors through a multi-crore ponzi scheme, CBI officials said on...

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Moneylife Digital Team 27 August 2019
The ministry of corporate affairs (MCA) and the department of consumer affairs under the ministry of consumer affairs, food & public distribution have initiated the filing of a winding up petition against Vihaan Direct Selling (India) Pvt Ltd, a franchise of controversial multi-level...

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The Managing Director of multilevel marketing company eBIZ and his son were arrested by the Hyderabad Police from company's Noida office on Tuesday for allegedly cheating thousands of people including students and unemployed youths to the tune of Rs 5,000 crore nationwide, a police officer...

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The Enforcement Directorate on Friday said it has attached properties to the tune of Rs 299 crore of Nowhera Sheikh of Heera Group including 96 immovable properties spread across several states in its probe into the ponzi scam.   An ED official said here that the agency has attached...

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The Special Investigation Team (SIT), probing the multi-crore ponzi scam involving IMA Jewellers, recovered 303 kg fake gold pieces from a posh flat belonging to the mastermind Mohammed Mansoor Khan in the city, an official said on Thursday.   "The 5,000-odd fake gold pieces in...

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The Karnataka government has seized 23 properties of IMA Jewellers scam prime accused Mansoor Khan valued at Rs 300 crore in five districts across the southern state, an official said on Wednesday.   "We have seized 23 properties valued at Rs 300 crore of Khan in...

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Moneylife Digital Team 01 August 2019
Thousands of desperate investors, who have lost money in PACL Ltd are pleading for an extension of time to submit their refund claims. PACL (or Pearls) is one of the largest Ponzi schemes in India which had been allowed to run for decades amassing over Rs49,000 crore.   Following...

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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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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 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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