Ayush Varshney, the technical mastermind behind India’s largest cryptocurrency fraud, was detained while fleeing to Sri Lanka. The arrest marks a significant breakthrough in the Rs 20,000 crore GainBitcoin Ponzi scheme that duped thousands of investors with promises of 10% monthly Bitcoin returns.
Bitcoin Investment Fraud: ED Freezes Rs 10 Crore Dubai Assets as Multi-State Crypto Scams Expose India’s Regulatory Gaps
India’s Enforcement Directorate seized commercial properties worth Rs 10.63 crore in Dubai in February 2025, part of an investigation into the GainBitcoin Ponzi scheme that has now reached Rs 172 crore in total asset seizures. GainBitcoin promised investors 10% monthly returns in Bitcoin for 18 months. It was run by Amit Bhardwaj, who is dead, […]
ED Arrests Digi Mudra Director in Multi-Crore My Victory Club Ponzi Scheme: Rs 38 Crore Found in Bank Accounts
Enforcement Directorate has arrested Prakash Chand Jain, director of Digi Mudra Connect Pvt Ltd, for allegedly operating a massive pyramid scheme through My Victory Club app that defrauded thousands across five states. ED raids uncovered Rs 38 crore in suspicious bank accounts and property documents worth crores purchased with investor money.
Top 5 Fastest Growing MLM Companies in India 2023: Vestige, Amway, Herbalife, Forever Living, and Modicare
Network marketing is a way to earn extra income in one’s free time, without any prior knowledge or experience. Network marketing, also known as direct selling and multi-level marketing (MLM), is a pyramid-style marketing strategy in which a product is sold by a chain of individuals rather than in a physical store, and these individuals […]
Navigating the Maze of MLMs in the Beauty Industry: What You Must Know
MLMs, those multi-level marketing setups that promise financial freedom, have firmly entrenched themselves in the beauty business. Here, distributors not only vend products but also rope in others to sell them. The appeal? The belief that beauty products are an effortless sell, beckoning to a vast market. Yet, behind the glittery façade lie substantial challenges […]
In Hyderabad, scammers involved in Multi-Level Marketing schemes are specifically targeting women and job seekers
The police have issued a warning to citizens, especially women, to be vigilant and avoid falling victim to these scammers. Young people have also been advised to steer clear of such fraudulent schemes Hyderabad is once again grappling with the resurgence of Multi-Level Marketing (MLM) frauds, as scammers employ new tactics to deceive vulnerable individuals, […]
Elfin E-com’s Absconding Executive, Involved in Multi-Crore Fraud, Apprehended
Unregulated MLM Schemes: Alleged Multi-Crore Fraud by Company Targets Public Elfin E-com’s Absconding Executive Arrested: SIT Cracks Down on Multi-Crore Fraud A breakthrough in the investigation led the State Economic Offences Wing (EOW) Special Investigation Team (SIT) to apprehend Raja, also known as Alagarsamy, a senior executive of Elfin E-com. The company stands accused of […]
QZ Asset Management Executes Full Exit Scam; Website Unreachable
The QZ Asset Management website has recently been taken offline, signaling the downfall of the notorious “SEC audit” exit scam perpetrated by this Ponzi scheme. Additionally, the social media accounts associated with QZ Asset Management have been removed from public view. QZ Asset Management emerged onto the scene in late 2022, enticing investors with promises […]
IIT Kanpur Student and 5 Others Arrested in Thane for Cryptocurrency Fraud
In a recent development, authorities have successfully apprehended six individuals, including a student from the esteemed Indian Institute of Technology (IIT) Kanpur, for their alleged involvement in a significant cryptocurrency fraud case in Thane. The arrest marks a noteworthy milestone in the ongoing efforts to combat fraudulent activities within the cryptocurrency domain. This article aims […]
Enforcement Directorate freezes 36 bank accounts with over Rs 90 crore in inspections at direct selling firms Qnet in Mumbai, Bengaluru, and Chennai
The Directorate of Enforcement (ED) conducted searches at various locations in Mumbai, Bengaluru, and Chennai on Wednesday in relation to a money laundering case involving M/s Vihaan Direct Selling India Private Limited, which is the master franchisee company of M/s Qnet Ltd in India. During the searches, the ED froze a total of 36 bank […]