MLM / CHAIN MONEY


Sucheta Dalal Sucheta Dalal 30 January 2018
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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Dr Abhijit Gosavi 25 January 2017
The worst kind of risk negatively affects society at large. One approach to understand risk is via the analogy of sources and sinks (from engineering) and that of rewards and penalties/risks (from artificial intelligence). In these analogies, the entity that generates risk is called the...

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A specially-designated court in Odisha's Balasore on Wednesday directed the state government to auction the confiscated properties of chit fund firm Saradha Group.   The court, which confiscated a total of 13.64 acres of land belonging to the Group, ordered for its public auction, so...

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Moneylife Digital Team 13 January 2017
When it comes to seeking sponsorship and finding, the government apparently does not bother about the colour or quality of money. QNet, a controversial multi-level marketing (MLM), was billed as one of the key partners of BIMSTEC SAARC Women Economic Forum, held in New Delhi on 13 January...

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Moneylife Digital Team 04 January 2017
The special MPID court on Wednesday sent four prime accused in the multi-crore QNet scam, including Michael Ferreira, former world champion of billiards to police custody for seven days. Thane Police had arrested all the four accused.   On Tuesday, the economic offences wing (EOW) of...

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Trinamool Congress MP Sudip Bandyopadhyay was on Tuesday arrested by the CBI in the Rose Valley Chit Fund scam, an official said.   He was summoned by the Central Bureau of Investigation (CBI) and was arrested at the agency's regional office after questioning, an agency official...

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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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