https://www.taxtmi.com/news?id=4155 Complaints against companies operating money circulation schemes show such schemes are unlawful under the Prize Chits and Money Circulation Schemes (Banning) Act and organizers may be prosecuted; Model Rules issued with the Reserve Bank of India reinforce state enforcement. The Ministry of Corporate Affairs has ordered investigations by the Serious Fraud Investigation Office of seven companies under company-law provisions and balance-sheet scrutiny or inspection of books for eighty companies to ascertain violations, while promoting investor awareness through the Investor Education and Protection Fund. en-us Fri, 30 Nov 2012 18:56:48 +0530 Fri, 30 Nov 2012 18:56:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=4155 Complaints against companies operating money circulation schemes show such schemes are unlawful under the Prize Chits and Money Circulation Schemes (Banning) Act and organizers may be prosecuted; Model Rules issued with the Reserve Bank of India reinforce state enforcement. The Ministry of Corporate Affairs has ordered investigations by the Serious Fraud Investigation Office of seven companies under company-law provisions and balance-sheet scrutiny or inspection of books for eighty companies to ascertain violations, while promoting investor awareness through the Investor Education and Protection Fund. News - Fri, 30 Nov 2012 18:56:48 +0530 https://www.taxtmi.com/news?id=4155