The Himachal Pradesh High Court denied bail on April 30 to a man accused in the Korvio-Voscrow-Hypernext cryptocurrency MLM fraud involving more than 80,000 investors and around Rs 2,000 crore in collected funds. Justice Sushil Kukreja was blunt about why: economic offences at this scale don’t just hurt individuals — investigators say Rs 500 crore […]
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 […]
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 […]
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 […]
Webwork Trade Links: Fraud worth Rs 500 crore
An FIR has been registered against a Noida-based company for allegedly duping people of Rs 500 crore, police said on Monday. In a similar case, the Uttar Pradesh Police’s Special Task force had on February 2 busted an online trading scam worth over Rs 3,700 crore by Noida-based Ablaze Info Solutions Private Limited in which […]
Government holds the bill to check the ponzi scheme
The government has put on hold the review of the ponzi scheme bill,which was suppose to bring about more clarity to distinguish between a genuine MLM company and ponzi money circulating companies. A week after the arrest of Amway India chief executive Bill Pinckney, the Indian Direct Selling Association has sought amendments to the Prize […]
Enforcement Directorate Attaches Moonlife Teamworks India’s Properties
On friday properties worth of Rs.4.12 crores of Moonlife Teamworks India Private Limited got attached by Enforcement Directorate department at Hyderabad. The properties belonged to Moonlife Teamworks India Private Limited, its managing director P. Narayanachary and Sri Chandra Farms and Resorts India Limited in a MLM fraud case. The ED officials, in a press release, stated […]
Alert issued against ponzi mlm schemes by Reserve Bank Of India
#RBI #MLMScam #PonziScheme Lots of fly by night ponzi mlm schemes have duped millions of investors in India. On Thursday Reserve Bank of India notified investors against MLM companies that promise high returns and run on hefty member subscription fees. Any break in the chain leads to the collapse of the pyramid, and the members lower down […]
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