https://www.taxtmi.com/news?id=4158 Ponzi and MLM schemes are designated as money circulation offences under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978; Model Rules clarify such MLM investment operations are illegal and organisers should be prosecuted. The Ministry of Corporate Affairs received multiple complaints and has ordered formal corporate fraud investigations into certain companies and statutory scrutiny or inspection of accounts and records of others to determine violations of the Companies Act and enable prosecution where appropriate. en-us Fri, 30 Nov 2012 19:02:12 +0530 Fri, 30 Nov 2012 19:02:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=4158 Ponzi and MLM schemes are designated as money circulation offences under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978; Model Rules clarify such MLM investment operations are illegal and organisers should be prosecuted. The Ministry of Corporate Affairs received multiple complaints and has ordered formal corporate fraud investigations into certain companies and statutory scrutiny or inspection of accounts and records of others to determine violations of the Companies Act and enable prosecution where appropriate. News - Fri, 30 Nov 2012 19:02:12 +0530 https://www.taxtmi.com/news?id=4158