MLM / CHAIN MONEY


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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Moneylife Digital Team 08 February 2016
PACL not only roped in Brett Lee as its brand ambassador, but also invested millions of dollars in Australia. Also, the Ponzi company's directors, including promoter Bhangoo's daughter and son-in-law, were seen living in lavish properties in Australia   PACL Ltd, formerly known as...

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Moneylife Digital Team 02 February 2016
The special court has rejected anticipatory bail applications of two directors of Vihaan, Suresh Thimiri of Transview as well as Malcolm Desai and Michael Ferreira, the stakeholders of Vihaan that handles QNet's MLM operations in India   The special Maharashtra Protection of...

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Yogesh Sapkale Yogesh Sapkale 12 January 2016
The Champcash app on Google Play store, wants you to install 10 other apps and refer it to others to earn unlimited money, similar to money circulations scams   Champcash, a mobile app from Champion Networks Pvt Ltd, is found luring several Android mobile users, under the pretext of...

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Moneylife Digital Team 08 January 2016
The CBI has arrested four officials of PACL including its CMD, MD, and two executive directors in the Rs45,000 crore scam   The Central Bureau of Investigation (CBI) on Friday arrested four officials of PACL (earlier Pearls Agrotech corp), including Nirmal Singh Bhangoo, chairman and...

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IANS 29 December 2015
The CBI on Tuesday conducted searches at 58 locations of Samruddha Jeewan Group of companies across Maharashtra and Odisha in its ongoing probe in the multi-crore chit fund scam, an official said.   The agency carried out the searches at the office premises of the Pune-based private...

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IANS 24 December 2015
The CBI on Wednesday raided at least 18 different locations of Ramel Group of Industries across West Bengal in the chit fund scam, an official said.   "Searches are being conducted at 18 places in West Bengal in connection with investigation of case against Ramel Group. Searches are...

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IANS 22 December 2015
The Enforcement Directorate on Monday attached properties worth several crores of rupees belonging to people accused in the Saradha scam, including former union minister Matang Sinh.   According to an ED source, properties both moveable and immoveable, spread across Assam, West Bengal...

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IANS 17 December 2015
The Enforcement Directorate (ED), which is probing the chit fund scam in West Bengal, on Thursday grilled Seema Singh, a top official of the Rose Valley group which is alleged to have illegally raised public money.   Seema Singh, the head of the company's human resource department...

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