MLM / CHAIN MONEY


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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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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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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Moneylife Digital Team 01 August 2015
Some unlisted companies are luring retail investors by issuing securities including NPS, NCDs in the garb of private placement, warns SEBI while issuing a list of 193 such entities   Market regulator Securities and Exchange Board of India (SEBI), while warning investors about...

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