MLM News

NetworkingEye.com: MLM News, MLM News in Hindi, MLM business, MLM Companies, Scam Companies

  • Home
  • हिन्दी MLM News
  • Scam Companies
  • Guest Post
  • Submit An Article
  • Submit Press Release
  • Advertise
  • Contact

Serious Fraud Investigation Office Suggests body to control fake chit funds along with MLM Companies

By Ak Sharma | Published on 2:38 PM

Rate this News

Chit Funds

NEW DELHI: The Serious Fraud Investigation Office (SFIO) has strongly suggested establishing a body within the Central government to determine scams via chit funds and multi-level marketing business.

A document put together by SFIO suggests the Centre should really keep an eye on virtually all multi-level marketing (MLM) plans via the administration directorate as well as the intelligence agency to assist supervise guidelines of laws and regulations throughout states.

“Bringing the scenarios within the Centre’s ambit is actually important as many schemes being operate with the direct or indirect assistance of local authorities is not unheard of,” an SFIO official said on condition of anonymity.

Nevertheless, he stated the actual execution need to be the states’ subject, as Multilevel marketing programs tend to be primarily established in rural locations as well as their models differ from area to area.

The SFIO report states virtually all networking companies, under which the majority of MLMs operate should be registered with the central authority in order to help make it quick to recognize firms operating this kind of plans.

“The problem is actually that of signalling. As soon as the states alongside with the Centre begin taking more substantial actions, the acceptance of this kind of schemes will certainly tumble,” said another official.

The ministry of corporate affairs is presently working hard along with the Reserve Bank of India to enhance the regulations governing Network marketing business organizations.

The SFIO is also probing Gold Quest, a Tamil Nadu-based firm operating a chit fund worth Rs 1,000 crore.

Chit Funds

  • Tweet
  • WhatsApp
  • More
  • Email
  • Print
  • Telegram

Related

Filed Under: MLM News, MLM Resource [jetpack_subscription_form title="SUBSCRIBE TO Networking Eye - MLM News " subscribe_text="Sign up for our newsletter and receive news, updates, and the latest alerts." subscribe_button="Sign Me Up" ]

Comments

  1. Vishwanatha Prabhu says

    at 10:03 AM

    PL LEGALISE MLM BUSINESS

    Reply

Leave a ReplyCancel reply

LATEST NEWS

  • Top 5 Fastest Growing MLM Companies in India 2023: Vestige, Amway, Herbalife, Forever Living, and Modicare
  • Navigating the Maze of MLMs in the Beauty Industry: What You Must Know
  • In Hyderabad, scammers involved in Multi-Level Marketing schemes are specifically targeting women and job seekers
  • Elfin E-com’s Absconding Executive, Involved in Multi-Crore Fraud, Apprehended
  • QZ Asset Management Executes Full Exit Scam; Website Unreachable

TRENDING TODAY

  • SCAM Companies New Updated list
    SCAM Companies New Updated list
  • Mary Kay Exits India Pointing Out Regulatory Concerns & Poor Sales
    Mary Kay Exits India Pointing Out Regulatory Concerns & Poor Sales
  • Contact Us
    Contact Us
  • Submit An Article
    Submit An Article
  • The Difference Between Linear Income and Residual Income
    The Difference Between Linear Income and Residual Income
  • The Indian Direct Selling Association - IDSA
    The Indian Direct Selling Association - IDSA
  • Ask Powerful Questions
    Ask Powerful Questions
  • Gautam Bali: The Successful CEO Behind Vestige Marketing Private Limited's Growth
    Gautam Bali: The Successful CEO Behind Vestige Marketing Private Limited's Growth
  • Ram Survey under police raid at Varanasi-Uttar Pradesh
    Ram Survey under police raid at Varanasi-Uttar Pradesh
  • RCM Fraud of 2000 crore
    RCM Fraud of 2000 crore

COMMENTS

  • Navigating the Maze of MLMs in the Beauty Industry: What You Must Know » MLM News on Things to Know Before Investing In MLM
  • Navigating the Maze of MLMs in the Beauty Industry: What You Must Know » MLM News on Direct Selling sector as a retailing medium in India is yet to gain momentum
  • Navigating the Maze of MLMs in the Beauty Industry: What You Must Know » MLM News on Decriminalization of MLM: its Importance and Issues
  • QZ Asset Management Executes Full Exit Scam; Website Unreachable » MLM News on Beware of these MLM companies
  • Rajan Menon on CID taking Interpol help on Speak Asia Alleged Scam

Copyright © 2014–2025 · NetworkingEye.com

About Us · Privacy Policy · Cocky Policy · Terms & Conditions