Tag «Multi-Level Marketing (MLM) schemes»

Complaints on Ponzi Schemes

The provisions of the Prize Chits and Money Circulation Scheme (Banning) Act, 1978 empower the State Governments to implement the provisions of the Act and take action against the defaulting entities/persons. The Reserve Bank of India (RBI) has reported that as and when any complaint is received alleging cheating/fraud by entities by way of falsely …