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 […]
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 […]
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 […]
Gautam Bali: The Successful CEO Behind Vestige Marketing Private Limited’s Growth
Gautam Bali is the CEO of Vestige Marketing Private Limited, a leading direct-selling company in India. With over 18 years of experience in the industry, Bali has played a pivotal role in the growth and success of Vestige. Under his leadership, the company has expanded its operations to more than 15 countries and has a […]
Direct Selling in India: An Overview of the Industry and its Regulatory Framework
Direct selling is a business model in which products are sold directly to consumers, usually outside of a fixed retail location. This business model has gained popularity in India in recent years, with many companies choosing to adopt it as a way to reach out to customers and sell their products. The direct selling industry […]
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 […]