Ponzi and Fraud Direct Selling Schemes: Inputs
Last week a ponzi scheme of a magnitude of 3000 crores was unearthed in Delhi/NCR. Several others have been reported since then.
With this post, we would like to seek your inputs on what are the various such schemes that you have come across.
Once we have all the issues and experiences documented, we would like to have a separate discussion on what solutions should be implemented to address them in a systematic way.
We look forward to your inputs!
Indian Police Foundation more
With this post, we would like to seek your inputs on what are the various such schemes that you have come across.
Once we have all the issues and experiences documented, we would like to have a separate discussion on what solutions should be implemented to address them in a systematic way.
We look forward to your inputs!
Indian Police Foundation more
Viewed by 5285
View all 20 comments Below 20 comments
There are hundreds of money circulation schemes are running in the market. They collect crores of rupees from the members and run away with their hard earned money. In fact we, out of our greed of earning fast are trapped in their lucrative offers and loss money. Banks must be given strict instructions that in case of fast input of money and such schemes must be brought into the knowledge of appropriate government authorities. Public in general must be given some important phone and email details that in case of knowledge of such people/companies, they can inform the government/police etc. But people are not aware. Secondly, public is afraid of anti social elements may harm them physical, if they come to know about the person who has lodged complain. Hence we need to form laws for the protection of the one who complains. Whistle blower laws must be implemented with firm hands. more
Feb 17
A national police complaint center should be established for complaints only on cyber and phone/mobile solicited schemes. Much better would be for the Government to ban all chit fund and fund collections systems which are not approved by an established authority. Like IRDAI for insurance business more
Feb 17
There is a company called RTSCPL, run by Mirah Group under the director-ship of Mr. Omprakash Goenka in Mumbai, which has also collected crores of rupees from people of Mumbai, Thane, Navi Mumbai by assuring attractive interest on deposits. Now, the company has stopped giving interest and even not refunding the principal amount after the maturity. There was a news about it in DNA, the link for which is pasted below: http://www.dnaindia.com/mumbai/report-all-that-twinkles-is-not-guaranteed-returns-2261727 Really don't know how to recover money from such frauds. more
Feb 17
Government should pass a law that all chit fund/ponzi schemes must get registered with a government set up before starting operations. more
Feb 16
Considering the very wide spectrum of the public across the nation and considering everyone is interested to safely invest where the return is higher, it becomes mandatory for the government to allow only entities who have obtained approvals from all authorities and the government has specifically verified that it is not a Ponzi scheme. Government must therefore take the responsibility on itself, make adequate laws and enforce them to prevent any PONZI scheme. more
Feb 16
