Curb on Fraudulent MLM Companies

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....urb on Fraudulent MLM Companies <br>News and Press Release<br>Dated:- 30-4-2013<br><BR>Multi Level Marketing (MLM) Schemes involving enrollment of a vertical chain of investors/agents constitute "Mone....

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....y Circulation" and are banned under the Prize Chits & Money Circulation (Schemes)Banning Act, 1978 which is implemented by the States. Giving this information in written reply to a question in the Raj....

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....ya Sabha, Shri Sachin Pilot, Minister of Corporate Affairs, said that in order to facilitate effective control of MLM, a Group of Officers from Ministries of Finance, Corporate Affairs & Consumer Affa....

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....irs along with representatives of Reserve Bank of India, Central Economic Intelligence Bureau (CEIB) and the Serious Fraud Investigation Office (SFIO) have prepared Model Rules called Money Circulatio....

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....n Scheme (Banning) Rules, to explicitly cover MLM under the said Act. Ministry of Finance (Department of Financial Services) has sent the rules for notification to the States. KKP/sg (Release ID :95....

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....360)<BR> News - Press release - PIB....