P.J.
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This Post is just to Caution members about [FONT="]Pyramid Marketing Schemes [/FONT]
Within days of top Amway India executives being arrested in connection with a case over violation of the Prize, Chits & Money-circulation Schemes (Banning) Act, 1978, it is learnt that the Department of Financial Services has proposed banning pyramid marketing schemes through an amendment to the Act.
However, it is not yet clear whether pyramid structures would include multi-level marketing firms like Amway, too. An association of direct-selling firms distanced itself from pyramid marketing structures, saying multi-level marketing companies did not incentivise the direct-selling distributors on recruitment of another distributor in the network, unlike in pyramid marketing schemes.
According to people in the know, following inter-ministerial meetings over plugging the loopholes in the current legal structure that governs multi-level marketing schemes, Ponzi schemes and pyramid marketing, the department, under the finance ministry, has proposed that pyramid marketing schemes be banned and necessary changes in the existing Act be accordingly made.
FinMin for ban on pyramid marketing schemes | Business Standard
5/302013 India Ponzi’s - The police in the eastern state of Assam have arrested six executives of Mavrodi Mondial Moneybox, including three Russians, for running a pyramid scheme, the Times of India reporte on Thursday. The police believe that the three Russians, identified as Alexei Muratov, Danis Rosaov and Andre Kilyn, the firm's representatives in Mumbai Dinesh Kotian and Rimish Balan, and Nabajit Das, a local agent in Guwahati, were duping customers in Assam into joining a pyramid scheme once used by the infamous Russian company MMM. One of the Russians allegedly advertised the company by pretending to be a journalist, the newspaper reports. He even fooled the local police and reportedly recruit several!
INDIA PYRAMID ponzi AMWAY PROBLEMS SCHEMES BEATING MLM NETWORK MARKETING
Within days of top Amway India executives being arrested in connection with a case over violation of the Prize, Chits & Money-circulation Schemes (Banning) Act, 1978, it is learnt that the Department of Financial Services has proposed banning pyramid marketing schemes through an amendment to the Act.
However, it is not yet clear whether pyramid structures would include multi-level marketing firms like Amway, too. An association of direct-selling firms distanced itself from pyramid marketing structures, saying multi-level marketing companies did not incentivise the direct-selling distributors on recruitment of another distributor in the network, unlike in pyramid marketing schemes.
According to people in the know, following inter-ministerial meetings over plugging the loopholes in the current legal structure that governs multi-level marketing schemes, Ponzi schemes and pyramid marketing, the department, under the finance ministry, has proposed that pyramid marketing schemes be banned and necessary changes in the existing Act be accordingly made.
FinMin for ban on pyramid marketing schemes | Business Standard
5/302013 India Ponzi’s - The police in the eastern state of Assam have arrested six executives of Mavrodi Mondial Moneybox, including three Russians, for running a pyramid scheme, the Times of India reporte on Thursday. The police believe that the three Russians, identified as Alexei Muratov, Danis Rosaov and Andre Kilyn, the firm's representatives in Mumbai Dinesh Kotian and Rimish Balan, and Nabajit Das, a local agent in Guwahati, were duping customers in Assam into joining a pyramid scheme once used by the infamous Russian company MMM. One of the Russians allegedly advertised the company by pretending to be a journalist, the newspaper reports. He even fooled the local police and reportedly recruit several!
INDIA PYRAMID ponzi AMWAY PROBLEMS SCHEMES BEATING MLM NETWORK MARKETING
