Shimla, July 17 (IANS) The ED arrested three accused in connection with a cryptocurrency scam in which they defrauded over 2.4 lakh investors, including those in Himachal Pradesh, of nearly Rs 500 crore by promising high returns, an official said on Friday. The Directorate of Enforcement (ED), Shimla Sub-Zonal Office, arrested Milan Garg, Sukhdev Thakur, and Abhishek Sharma under Section 19(1) of the Prevention of Money Laundering Act (PMLA), 2002, said the ED official.The ED initiated an invest…
Latest Multi-Level Marketing News & Updates
New Delhi, June 30 (IANS) The Delhi Police’s Economic Offences Wing (EOW) has busted a Multi-Level Marketing or Ponzi-style franchise investment fraud worth around Rs. 4.17 crores and arrested three directors of M/s Duvera Retails Pvt. Ltd, an official statement said on Tuesday.According to the statement, a complaint was received from Sanjay Jagdish and other investors against M/s Duvera Retails Pvt. Ltd. and its directors, namely Bhoop Singh, Gaurav Verma, and Sanjeev Sharma, alleging that they…
Hyderabad, April 26 (IANS) Hyderabad police have arrested a senior executive of a firm in an alleged multi-level marketing fraud case. Sleuths of the Mirchowk Police Station apprehended Harish Kumar Singla, who is working as Country Sales Manager (CSM) at Forever Living Imports (India) Pvt Ltd.Kiran Khare, Deputy Commissioner of Police, Charminar Zone, told the media on Sunday that Harish Kumar Singla, a resident of Haryana, has been booked under Sections 61, 316(2), 318(4), 308, 351 and 352 rea…
Ranchi, Feb 16 (IANS) The Enforcement Directorate’s Ranchi Zonal Office filed a chargesheet on Monday before the special court in Ranchi under the Prevention of Money Laundering Act (PMLA), against Maxizone Touch Private Limited and its directors, Chander Bhushan Singh and Priyanka. The case involves a large-scale multi-level marketing fraud that duped 16,927 investors across the country through a classic Ponzi scheme promising unrealistic lifelong monthly returns of 15 per cent, the ED said in …
Jaipur, Dec 22 (IANS) The ED has filed a chargesheet in a Special Court (PMLA), Jaipur, against a computer institute and its officials who floated a misleading investment scheme, with the assurance of “Earn While You Learn”, and committed a Rs 70 crore fraud and money laundering. The Directorate of Enforcement (ED), Jaipur Zonal Office, filed the Prosecution Complaint (PC) on December 15 before the Special Court (PMLA) against Preeya Home Study Private Limited (PHSPL) and its Directors/Ex-Direct…