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 […]
Co-founder of $4B OneCoin fraud scheme pleads guilty and faces up to 60 years in jail
The co-founder of OneCoin, a fraudulent cryptocurrency scheme, has admitted guilt to several charges brought by the US Department of Justice (DOJ) and now faces up to 60 years in prison. Karl Sebastian Greenwood pleaded guilty to counts of wire fraud, conspiracy to commit wire fraud, and conspiracy to launder money, each of which carries […]
Ranga Reddy: Multi-level marketing fraudsters loot 15 lakh from woman
Cyberabad police on Wednesday cautioned that the Multi-Level Marketing (MLM) fraudsters back in the market with new modus operandi.Owing to the easy trap methods into Multi-level marketing frauds, the fraudsters have always returned to trap vulnerable people. The most important fact about this fraud system is the new techniques adopted by the fraudsters to get […]
Enforcement Directorate (ED) attaches assets of ‘bike bot’ MLM Ponzi Company worth 103 crores
Bike Bot taxi service MLM Company is accused of duping about ₹3,000- ₹4,000 crores from 2.25 lakh investors The Enforcement Directorate (ED) on Monday issued an order to attach ₹103 crores moveable and immovable assets belonging to the Noida ‘bikebot‘ Ponzi scheme. There are 26 immovable properties with net worth ₹101.45 crores, and bank balance of ₹2.28 crore in 22 accounts. […]
ED Files Prosecution Complaint In MLM, Ponzi Scheme Case Against Gold Sukh
The Enforcement Directorate has filed a prosecution complaint under the Prevention of Money Laundering Act, 2002 (PMLA) before the court of Special Judge (PMLA), Jaipur in an MLM/Network Marketing and Ponzi scheme case. The prosecution complaint has been filed against 12 accused – Gold Sukh Trade India Ltd, its sister concern Gold Sukh Corporation Ltd, Jaipur, its Directors […]
MLM Company Owner Arrested for GST Theft of Rs 70 crore
The Central Goods and Services Tax (CGST), Vadodara, officials have arrested a businessman named Dilip Jain for evading Rs 70 Cr of GST/CE by providing other financial services through four unregistered entities under GST. The businessman Dilip Jain was arrested after GST investigations revealed that he hadn’t registered with the GST department and avoided paying taxes […]
3000 crores cheated from 1.75 lakh investors, ED raids 12 locations of bike boat company
On Saturday, the Enforcement Directorate raided 12 locations in Lucknow, Delhi and Noida of the Bike Boat Taxi Company. The company defrauded millions of investors by running a bike taxi service on the lines of Ola and Uber. During the raid, many important documents linking the company to money laundering were found. The Bike Boat […]
500 CR Webwork Scam: Shah Rukh, Nawazuddin Under CBI Scanner
The FIR registered against the Webwork on Tuesday by the CBI does not mention Shah Rukh or Nawazuddin as either accused or suspects. The CBI has taken over the probe into the Rs 500 cr online cash-for-click scam. The online ponzi scam, to be investigated by the CBI, was being run from UP’s Ghaziabad district […]
New Zealand national, three associates arrested in fraud case
#MLMNews #NetworkMmarketingFraud #MohammedKhurram #KiranModi #HiteshModi The Central Crime Branch (CCB) sleuths busted a network marketing fraud with the arrest of four persons including a 52-year-old woman from New Zealand for allegedly duping people on the pretext of offering them memberships in a networking company. Based on a tip-off, a team of sleuths approached the company executives […]