MLM / CHAIN MONEY


IANS 19 November 2015
On a day the CBI cited his continuance in the state cabinet as a proof of his immense influence, West Bengal's transport minister and Saradha scam accused Madan Mitra stepped down from the post on Wednesday.   According to sources, Mitra's resignation was accepted by Chief Minister...

Read More



Sucheta Dalal Sucheta Dalal 09 November 2015
The Parliamentary committee on Finance turns its spotlight on multi-state cooperative societies as a major conduit for illegal chain-money schemes   Ponzis, money circulation schemes, dubious chit funds, multi-level marketing (MLM) schemes or pyramid companies masquerading as direct...

Read More



Moneylife Digital Team 06 November 2015
Pyramid and MLM schemes continue to defraud thousands, even in the US   The late Indira Gandhi, former prime minister, unable to—or uninterested in—controlling corruption, had famously said “corruption is a global phenomenon.” Indian politicians and regulators, unable to control...

Read More



Moneylife Digital Team 05 November 2015
The Moily Committee, in its report said, SEBI needs to become more transparent, vigilant and accountable in their regulatory action, showing the same level of alacrity as in the case of Sahara while dealing with Ponzi companies   The Parliamentary Standing Committee on Finance while...

Read More



Moneylife Digital Team 04 November 2015
Since 2010, the number and amount of multi-state cooperatives have increased 100 times and now become some kind of a shelter for illegitimate funds for Ponzi schemes, the Moily Committee said in its report calling for better regulation    In a startling expose, the Parliamentary...

Read More



IANS 03 November 2015
The CBI on Tuesday searched 10 locations in Delhi, Odisha, Assam and West Bengal against private company Tower Infotech Group in its ongoing probe in the multi-crore-rupee chit fund scam.   The places raided by the probe agency include one each in Delhi, Odisha and Assam, while the...

Read More



IANS 03 November 2015
The CBI on Tuesday moved the Calcutta High Court seeking cancellation of bail granted to Saradha accused West Bengal Transport Minister Madan Mitra.   Mitra, indicted by the agency of cheating, conspiracy and criminal breach of trust in the multi-crore-rupee scam, was granted bail by...

Read More



TruthInAdvertising.org 03 November 2015
Dr Vander Nat and Dr Keep set the record straight & discuss how recent DSA report mainly appeals to truthiness, takes novel stand on key diagnostic for a pyramid scheme and runs contrary to recent case law   This is a guest blog by Peter Vander Nat, Ph D, and William Keep, Ph D. Dr...

Read More



TruthInAdvertising.org 25 August 2015
MLM and pyramid scheme experts say more must be done to educate and raise student awareness   Ultimate Frisbee on the quad: Is there anything more emblematic of college life? But who’s this person who seems to want in on the game and is talking about some way to earn “extra...

Read More



The Supreme Court on Monday asked West Bengal's police chief to sit with the CBI director to determine the police personnel required by the investigating agency for continuing with its investigation into Saradha and non-Saradha chit fund scam cases.   A bench of Justice T.S.Thakur and...

Read More



A US court has sentenced the former Indian American head of a Chicago investment firm to six years in prison for stealing more than $9 million in a ponzi scheme, a media report said Tuesday.   "I'm a rotten individual for what I did to (investors). I'm a rotten individual for what I...

Read More



The Central Bureau of Investigation (CBI) on Tuesday conducted simultaneous searches at 12 places in Odisha in connection with a chit-fund scam.   CBI sources said searches were conducted at residences of some officials of inter-state chit fund company Swastic India, and offices of...

Read More



Moneylife Digital Team 06 July 2015
While the QNET funded the glitzy IIFA awards, the money belonged to the victims of the MLM scam, alleges a complaint to the EOW of Mumbai Police   The Economic Offences Wing (EOW) of the Mumbai police has started a probe into alleged deal between Wizcraft International...

Read More



Trinamool Congress Rajya Sabha member Ahmed Hassan Imran was on Friday again grilled by the CBI about his alleged financial transactions with the tainted Saradha group, an agency official said.   Imran is the editor of "Kalom", a vernacular daily that was owned by the Saradha Group...

Read More



Bonnie Patten (TruthInAdvertising.org) 15 June 2015
Deconstructing Herbalife's defense that a survey found most people join for discounts   In the recent Bostick v. Herbalife class-action case, which settled in California federal court in May, Herbalife’s primary defense as to why it isn’t a pyramid scheme was a static 2013 survey...

Read More



The Central Bureau of Investigation (CBI), which is probing the multi-crore rupee Saradha scam, has sent a notice to the Kolkata Municipal Corporation (KMC) seeking details about the licenses it issued to the tainted group.   Addressed to KMC's chief manager (licensing), the notice...

Read More



The CBI, probing the multi-crore-rupee chit fund scam in Odisha, on Thursday raided six locations of Jana Mangala Agro Care in the state, an official said.   "In the Odisha chit fund scam, searches were conducted by the CBI today (Thursday) against Jana Mangala Agro Care. All...

Read More



The Karnataka government would allow Enforcement Directorate (ED) to investigate the lottery scam if it had an inter-state fallout, Home Minister K.J. George said Monday.   "We are ready to hand over the lottery scam to the ED for further investigation if it (scam) had spread to other...

Read More



Mitra's lawyers sought the minister's bail citing medical reasons   A city court on Monday turned down the bail plea of West Bengal Transport Minister Madan Mitra, arrested in the multi-crore rupee Saradha chit fund scam.   City sessions judge Kallol Das rejected Mitra's bail...

Read More



A close aide of ponzi scam tainted Saradha group chief Sudipta Sen, was arrested by the Central Bureau of Investigation from the bustling Sealdah station here on Tuesday, an agency official said.   Arindam Das, alias Bumba, was alleged to be mentoring the "illegal" operations of the...

Read More

Free Helpline
Legal Credit
Feedback