MLM / CHAIN MONEY


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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Sucheta Dalal Sucheta Dalal 29 August 2016
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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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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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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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 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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