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The Delhi High Court also called it a multi-victim scam and refused to quash FIR against the directors of Indian franchise of Qnet, Vihaan Direct Selling Private Limited. [42] The Serious Fraud Investigation Office , in its report on GoldQuest and QuestNet India has called multi-level marketing (MLM) schemes run by overseas operators as "a ...
Multi-level marketing (MLM), also called network marketing [1] or pyramid selling, [2] [3] [4] is a controversial [4] and sometimes illegal marketing strategy for the sale of products or services in which the revenue of the MLM company is derived from a non-salaried workforce selling the company's products or services, while the earnings of the participants are derived from a pyramid-shaped or ...
Beautycounter (dissolved in 2024); Betterware (placed into administration in 2018) [23]; Black Oxygen Organics (shut down in November 2021) [24]; BurnLounge (shut down as pyramid scheme by FTC in 2012)
Miles said that projecting wealth is a very common recruitment scam. “This one involves an MLM rep that projects the image of being a successful businessperson. They often recruit by trying to ...
In April 2018, Deepak Jangra and Deepak Malhotra were investigated and arrested by Delhi Cyber Crime for operating a series of bitcoin-based MLM schemes since 2016. [ 163 ] In September 2018, Claud R. "Rick" Koerber of Utah was found guilty of operating a Ponzi scheme promoting a property investment business that took almost $100 million from ...
The Saradha Group financial scandal was a major political scandal caused by the collapse of a Ponzi scheme run by Saradha Group, a consortium of over 200 private companies that was believed to be running collective investment schemes popularly but incorrectly referred to as chit funds [1] [2] [3] in Eastern India.
West Bengal School Service Commission recruitment scam: On 23 July 2022, Education Minister of West Bengal and Secretary General of All India Trinamool Congress (ruling party of West Bengal State) Partha Chatterjee was arrested from his residence by the Enforcement Directorate in connection with the alleged State School Service Commission (SSC ...
Amit K. Bhardwaj (17 January 1983 – 15 January 2022) was an Indian businessman who founded Amaze Mining and Blockchain Research Limited which ran GB [Gainbitcoin] Miners among other bitcoin-related businesses and projects, these have been described as various types of Ponzi schemes.