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 […]
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 […]
ED Attaches Assets Worth Rs 35 cr of Two MLM Companies
The Enforcement Directorate (ED) has attached assets worth over Rs 35.84 crore of two MLM companies running Ponzi schemes in Chennai and Odisha, an official said. The move was part of the ED’s crackdown against private companies running Ponzi schemes in different states. The economic law enforcement agency took the step under the Prevention of […]
Investors clash with employees of chit fund company, demand money back
A day after hundreds of duped depositors from different parts of the State staged a massive demonstration demanding refund of their money, Opposition Congress on Wednesday sought a clarification from Chief Minister Naveen Patnaik on his government’s plan to return money to the investors who had been cheated by chit fund companies. The issue was […]
Ponzi Schemes Vs direct selling companies
There are few things to keep in mind while differentiating between a ponzi scheme and a direct selling company. As per Wikipedia, the definition is given below. Rest in detail, you can read the points to understand more about ponzi schemes and direct selling companies. As per Wikipedia, A Ponzi scheme is a fraudulent investment […]
Transparent guidelines must regulate the MLM business in India
Multi-level Marketing (NETWORK MARKETING) company Amway, which distributes its items through contacts with ordinary people, instead of through stores and superstores, is under the government’s scanner. The issue is whether the American giant, and numerous other companies like it, serve as a Ponzi scheme, each distributor getting rewards including more representatives to the network